Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

13
Posts
11
Votes
Kyle D.
  • Rental Property Investor
  • Greenville, NC
11
Votes |
13
Posts

I made 60k off my first flip, what's next?

Kyle D.
  • Rental Property Investor
  • Greenville, NC
Posted

My wife and I did an accidental live-in flip as our first deal. I'd been interested in real estate for some time, and started getting an idea of how to find deals in my area after listening to almost every BP Podcast.

We looked at ~15 properties, and submitted ~5 offers. Each time we were outbid by 10k-20k. I finally found a place (2bd/1ba/950 sq ft) that seemed like a good deal. This home was on a busy street (4 lane, yellow line, etc) but was in a prime location near restaurants, bars, shopping, etc, etc. I knew it would go quick because of the price, and the potential it had. Here's the rough numbers:

List Price - $140k

Purchase Price - $155k

Reno Costs - $25k

We built a wired workshop to double as a storage unit during the reno, also did a full gut in the kitchen. The kitchen got the most attention with an LVL to open to the living room, we also added wood-grain tile, white shaker cabinets, stainless appliances, granite, and a mosaic back splash. We put in a tankless H20 heater and upgraded to a 200amp panel out of necessity. We also converted an attached shed into a laundry room/pantry that was accessible from inside the home.

It was originally listed as a 2/1 but had a den with no closet, so they could not list it as a 3 bedroom. We ended up converting the entryway closet into the "den" closet to create a true 3rd bedroom. We tiled the bathroom floor and did some other cosmetic updates (paint, light fixtures, barn wood feature wall, etc) to finish the project. 

My wife got into school and we were forced to move and sell the home. We listed it at 249k and had multiple offers within 48 hrs. The final OTP was 260k, but the appraisal came back at only 250k. The buyer could not come up with the additional 10k, so we settled on 255k. Below is the listing if you're interested in the photos:

Listing

After agent commissions and closing costs we walked away with a little over 60k. We're now in a college town, so a rental property seems like a no-brainer. However, there are opportunities for flips and I'm not sure which route we'll go next.

Most Popular Reply

User Stats

17
Posts
7
Votes
Nick Graham
  • Franklinton, NC
7
Votes |
17
Posts
Nick Graham
  • Franklinton, NC
Replied

Great looking work on the renovation Kyle.

My wife and I are looking to do a buy and hold in the Greenville area in the near future.

Quite a bit of low priced properties for consideration in the area.

Loading replies...