What's the most money you've made on a single flip?

Question

What's the most you've made flipping a house, including all the rehab and legal costs?

Please give some details for the rest of us - what kind of house was it and where?

Michael Seeker · Answer

The most I've made on one flip is $25K.  I flipped a few houses in Louisville KY before getting into rental property and no longer do retail flips.  Here are the details:

Purchase price: $125,000Rehab cost: $50,000Sale price: $220,000Closing costs/commissions: $20,000Net: $25,000Purchase to sold: 3 monthsPersonal funds invested: $30,000ROI: 83%

The dollar amount isn't as sexy as what you see on all the HGTV shows, but everything is cheaper in the midwest...this is probably equivalent of a $75K+ profit in one of the hot west coast markets :)

Sherry Norman · Answer

Some of the HGTV shows are laughably BS.  Have you seen how Tarek almost always exceeds his target purchase price (which is itself way higher than any prudent investor I know would use), then exceeds his rehab budget not by, say 10-20%, but often by double.  Then he and wife talk about how they need to over improve the kitchen or bath or whatever in order to compensate for some big deficiency in their house vs. the competition.  Since when does that tactic work in real life?  Then they have the product placement display where the name of the tile, granite, etc. store is prominently shown (is the flip getting the product for free?)  At the end, even though they've created some BS drama by openly worrying about the competition which has sold for way less than their target ARV while having more SF, blah, blah,blah, somehow their house nearly always sets a new market high.

Cal C. · Answer

can you say hijack?

Back to the original question its about $35k for me.

This was a house in the Atlanta suburbs I picked up for $220k and rehabbed for $20k.  Sold for $305k and paid $30k in Commissions and closing costs.

Michael Seeker · Answer

That was the show I was thinking of actually and I agree it's laughable.  Actually just watch 3-4 episodes of any show on HGTV now and it becomes clear there is a script (can't say as I blame them).  The script for Tarek is pretty easy to spot:

1. Overspend on purchase2. Miss some major repair and stress out about it3. Overspend on rehab by a lot4. Throw initial ARV out the window and raise the sales price enough to make up for bad decisions5. Miraculously find a comp or two that almost supports the asking price6. Thank God you're flipping in CA and get stuff for free because you have a TV show (AKA profit)

Tom Spaeth · Answer

• Purchase price : 195,000
• Rehab : $310,000
• Sale: $690,000
• Closing Costs about $30,000
• Interest: $26,000
• Profit: $115,000
• I took home $75k after giving $40 to an investor in the project.

This was a large project. I took a 750 foot house and tripled the size with an addition.

Yasmine Bisumber · Answer

Thanks everyone for sharing, it's cool to read the success stories.

What's the most money you've made on a single flip?

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