My brother and I made almost $42,000 on first flip!

[Shawn Nguyen]

Hi everyone,

My brother and I just made $42,000 on our first flip. Our business is slow, so we decided to flip house. My original plan was to buy a fourplex and invest in it, but the price was just ridiculously high, so we decided to flip house. Please excuse my grammar, but here are some details about it. Damn, I wish I took some pictures.

We bought this house for $386,000 in cash. This house was in bad shape, it looked like it has been robbed. Cabinet, countertops, sinks, oven, water heater, air conditioner, heater, and some doors were missing. The neighborhood was selling b/t 440,000-525,000. Because I am hvac/electrical contractor and my brother is general/plumbing contractor, it's no problem for us. We remodeled this house from sctach. All new Heating, air conditioning, water heater, kitchen, floor, painting, bathrooms, plumbing, and I even added solar panels. Everything was permitted according to city codes. The remodeling process took us about 2.5 weeks with three helpers. We put on the market for $475,000 and what amazed me is the amount of offers and how fast it was sold, only two days. Anyways, we are happy with our profits. After materials, fees, ect. We both profited about 21k each. The only thing I am weak at is real estate experience, but I am learning more and more now after the first sale.

I am looking for the next house as I am typing this. I will take some pictures next time
:lol: