All Forum Posts by: Dan Beaulieu

so wait how does that work? $41k to pay of the 5% fee and 15k 

5% of SP of 536,000 = $26,800

HML = $15,000

total = $41,800 You lost money ? 

I have to admit, in reading thru your posts, you did your homework. you even knew that the higher the price, the less the end buyers HOWEVER you had multiple offers the 1st day so you knew your market. always be hyper local, which you were. and you had most of your bids ahead of time.

only thing I would consider is your rate per hour. what were your TOTAL hours involved in this? looks like, at a minimum, you worked 14 hour days for 3 months. $35k/1680 hrs = $21/hour. could you do better at a day job and (more importantly) could you get round year work flipping (tought to do right now). for us "day jobbers" I love do investing on the side. extra income. nothing better than texting a renter and a contractor (swapping info) so I am OUT OF IT. :)

I am impressed. Tell me, how did you finally get yourself to take the leap? I can't get over my fear of losing money and it's been crippling. I've been in the rental business for many years and I'm over it. But I still have a love of real estate and I enjoy (well, mostly) the rehab part. I am at a crossroads where I either need to get a full time job or jump in to flipping. Any words of wisdom would help. Thanks!

No way in hell would I roll that much money for that little profit, I can make $35K on a $70K deal some times, with those big numbers, there was not much room for error. pretty risky if you ask me. and to those calculating percentages, I have yet to see anyone buy dinner or a new pair of shoes with percentages, it takes dollars period. 

Daniel Beaulieu for the 150th time, excellent work. My wife is a commercial interior designer and she approves wholeheartedly of your work (which is rare).

Question: I assume you used a staging company. What costs were involved there?

Thanks so much.

@Dan Beaulieu Nice job. I'm a little north of you in Idaho but I'm in a similar situation, hard to find good deals in Easter Idaho and any that look to be close to "maybe" make some money, I'm not willing to risk it. Looking for ones that have 15-20% profit margin so in case it costs more than expected I can still at least make something on it. The few great ones I find get snatched up before I can even get an offer in. I would be happy making $5k on my first flip. Something is better than nothing plus the experience earned is worth it.

Dan, No hate my friend and nowhere did I say I want you to fail...those are your words. I said when you do.....lets hear that story. You might want to develop a bit thicker skin if your going to do a few more flips.  Truth is you made it out of your deal by the skin of your teeth and you could have just as easily lost money. Did you read all the caution posts?. Why did you do the deal? The promise of cash is why...some may call it greed. Its what tanked our housing and banks a bit back and harmed all. It doesn't surprise me in the slightest the other posts on BP, They are tired of watching Flip or Flop and want in on the action.  So there you go some clarity. Grow up and take the good with the bad....the patters on the back and the honest info as well. GL

hi Daniel, Congrats on a successful flip!  you have "cajones" mucho larger than I do.

if your goal is $35,000 profit maybe you could look in less expensive areas next time so you don't have to have so much money tied up.  Here in So. Cal I shoot for 20-40% return on my flips because you never know what happens or what hidden expenses you will discover during the rehab.  It looks like you had an approx. 6-7% unleveraged return which would make me very nervous.   

it's good your first flip went so well, congrats again