First Flip Hits Market Today in St Petersburg FL

[Bob Ebaugh]

First...many thanks to the inspiration provided by Bigger Pockets. This site is terrific! We have really jumped in to investing, purchasing 6 rental properties, 4 SFH and 2 duplexes in the last 6 months. Most via our solo 401K. Will report more on those later once I see how they work over a longer period.

This is about our first flip. It's not part of the 401K. We purchased the property in poor condition, unlivable, basically a shell. Originally built in 1927 and located in St Pete's Historic Uptown District. It went through 2 prior major additions, including one in 2004 that was never quite fully completed. A 3/2 with 1380 sqft.

I wish I had good before pictures, but I don't. The house had no kitchen, and only bathtubs in the bathrooms. The renovation included replacing all the windows, new central heat and air, replaced or refinished all the flooring, repainted everything, fixed lots of rotten wood and drywall and did a complete kitchen. New deck and some fencing.

Most everything contracted out to others. Necessary since the 2004 permit had to be reopened and closed.

Wr purchased the property for $77K and I'm still totaling the renovation costs, estimated at around $46K. In round numbers, probably $125K invested. Just listed at $179K. I will update this thread with better numbers when I have them.

Bob