Before and After Pics & Stats of My First Flip. Sold in 1 Day!

[Nicholas Hooyman]

Hi all,

I’ve read countless posts On BiggerPockets about other people’s success stories. Prim people who finally put their research into action and pulled the trigger on their first deal. Finally I now can be on the other end of that experience.

I found this deal on Propstream. It was from a list with the filtering filters: non owner occupied, out-of-state, vacant, equity > 50%, price < $200K, non-corp/trust owner, with entire state of Oregon. I downloaded the list and skip traced it on Leadsherpa. From there I uploaded the list to Mojo and hired a VA in the Philippines at $6/hour for 20 hours/week to make cold calls for me with the script I uploaded for her. To inventive her, I paid her $250 for every lead I closed. It took 7 full months but I finally came across a deal that I could tackle, or thought I could at least, ha. It was a 2 bed/1.5 Bath, 974 sq ft manufactured (built 1986) on 0.44 acres near the beach in Florence, OR.

I bought the property for $77.5K in the beginning of August. I used hard money for the purchase but I had to put up 10% of my own funds. I financed the purchase price and $28.5K of the construction budget plus the 4 points for the money and all other closing costs (a total of $102,500). I only had $4500 to my name so I had to borrow the other $6K from my girlfriend (she charged me 67%, my chief negotiator). The interest rate on the hard money loan was 10.99%.

I have a full time job and the property was 3.5 hours away in Florence, OR. Not ideal doing most of the work myself. I estimated my ARV at $160K. I knew that was conservative but I wanted to under-promise/over-deliver to my hard money lender. The rehab took me 4.5 months working on the house every weekend and I blew my budget by about $9K. However, I put the property on the market last Monday, December 28th at 2pm, for $199K and I accepted an all-cash full-price offer at 10:30am the next day! He waived the inspection and bought the house "as-is." All the docs are signed and we are scheduled to record the deed tmrw. Woo hoo!

All in I was $129K invested (including the construction overruns that came out of my own pocket, a little over $9K), $14K of that was my own money. After I paid realtor fees and my biggest helper (I paid him 10% of the gross sales price > $160K to incentive quality), and after paying my closing costs, I made a gross (pre-tax) profit of $54K.

I’ve learned so much from this community that I had to share my little bit of success with everyone on here that dreams of taking just a bite out of this real estate apple. If I can do it, ANYONE can do it. Thanks again everyone!

Pics: https://drive.google.com/drive/folders/1nMC7kyCyBvrtoUjU2P9P_g_9C1gjRuuM?usp=sharing

Spreadsheet: https://docs.google.com/spreadsheets/d/19koYc2gRbRdmTJ5Lyv5d-qi836TH5uB58P0c1RId24E/edit?usp=sharing