Our Latest Flip in Northern CA

[Scott Rist]

Hi Folks,

I just joined the site a few months ago and am really enjoying it.  I just closed today on one of our projects and wanted to share it on here.  I really enjoy other peoples success stories so hopefully this can inspire others to get out there.

Here are the numbers:

Sales price: $235,000

Purchase price: $108,000

Rehab/holding costs: $70,825

Closing costs (including Tax withholding): $7,577

Profit: $48,598

This ended up being a pretty large project, and actually the first project I managed 100% on my own, so that makes the success all that much better.  Usually I share it with my Dad, but he has mostly retired and was working on another project.

We purchased the home from a trustee sale 8/26 and closed on it today, 12/3.  It was a 1500 sq ft 3 level home with a detached garage and apartment unit above the garage.

It was a massive trash out and demo filling 2 40 yard dumpsters and a 20 yard.  It would take a long time to list everything we did to the house, but it was essentially a total gut and rebuild adding a full master bath and closet.  

Here are some pics...

The exterior didn't change much besides a lot of deck work, taking a down a tree leaning on the house and taking down a hillbilly carport.

Living room with the enclosed galley kitchen.  The home was a major unfinished project when we got it.  

Fridge left full for about a year...yikes!

Main bedroom upstairs with no real closet and two flights of stairs to the downstairs bathroom.

Sorry bad picture of the apartment.  We totally gutted it.  Nothing salvageable.

Progress on the kitchen.

Framing in the new master bath.

Finished the apartment.  Salvaged the cabinets from the main house kitchen.  Everything was new including the bathroom you can't see.

Living room with all new can lights, fireplace, and you can see the peninsula we built in the kitchen.

Everything brand new in the kitchen.  It is a very dark house in the woods so we put in a lot of lights, added a large window and the light colored flooring really brightened the place up.

Master bedroom with full bathroom and closet addition.  Turned out great.

New Master bathroom.

Downstairs bathroom

All in all it was a great project.  We stayed almost exactly on budget, but went over on time by about two weeks.  Mostly due to the fact that we had another flip going on out of town so it split our crew up.

Winter has slowed things down a bit (As usual).  We have been looking for another project for about a month with no luck, but that is how it goes sometimes.

I'm hoping to find some properties to buy in Boise soon, as that is where I will be moving the business early next year.  So if anyone out there has any Boise area (Ada or Canyon county) leads please let me know.  For flips or buy and hold.

Thanks for looking.

Scott Rist