My first Flip at 18 years old Now On the market!

[Kevin O'Brien]

As the title says this is my first flip which I purchased at the age of 18. I purchased this property with savings from a prior business that I ran in highschool. This property was purchased for $72,500. The property was a previous rental and needed new flooring, paint, fixtures, kitchen, appliances, bathroom and paint. At the start of the process I planned to keep this property as a rental but quickly realized that it had a fair amount of equity in it that would be helpful in purchasing a larger property in cash next time. The mechanicals were in good condition to begin with all being less than 10 years old. I spent just under $20,000 on the entire renovation by doing a lot of the work myself. For a total cost of $92,500 plus closing costs. I plan to be somewhere under $100,000 including closing costs. My list price is $130,000 which will allow me to walk away with roughly $30,000. I plan to use this profit plus my original investment from this deal to BRRRR some Chicago 3 flats next that way I can move out finally. Overall I learned a lot and enjoyed the process thus far. The one snag in the entire job happened at the end with the tree guy taking 6 days to cut a tree down. Yea 6 days you heard that right. Kevin said you're fired for the first time. Overall just get out there and make it happen. This property would for reference would rent for $1300 a month.