1st Flip, DIY, 83K Profit, Denver

[Mike Wilkinson]

Below are my numbers and a link to my budget sheet on the DIY flip that I just sold here in Denver, I hope this is helpful! The project took me 5 months, and I acted as the GC, agent, and drywall enthusiast. I hired subs for the roofing, egress window, plumbing, electrical, carpeting, cabinets, countertops, and exterior painting. We did the rest of the work ourselves (myself and a friend with remodel experience). I found the deal by taking my clients to see the property, realizing that it was mis-listed (there were 2 bathrooms rather than one), and that there was serious seller motivation (nasty divorce). After a few price reductions, it was listed at 390 when we saw it, and I negotiated down to 340. 

Some of the big lessons that I took from this project:

1. "Luck is when preparation meets opportunity" - I have read 60+ books and listened to almost every episode of the BP podcast over the past couple years; I felt knowledgable and prepared enough to negotiate and tackle this project. 

2. Seasonality / market timing is crucial (especially in our market). I bought during the holidays and listed in May. 

3. Low supply, high demand area is very important. 

4. Staging is very important. 

Numbers:

Purchase price: $340,000

Financing costs: $18,000

Buyer agent cost: $14,300

Rehab costs: $56,000

Total costs: $428,000

Sale price: $511,000 (16k over asking)

Profit: $83,000

Link to budget sheet: https://docs.google.com/spreadsheets/d/1wIg3oWKBHC...

Please reach out with questions or if you would like to connect! Happy investing!