Over 100k in Profits! live-in flip and partnered up for a flip!

Over 100k in Profits! live-in flip and partnered up for a flip!

Real Estate Agent · Apple Valley, MN · Member since 2015 · 5 posts · 1 vote

Hey Everyone at BP!

I am new to BP and I'm excited to let everyone know of my recent success!

I purchased my first home which was 3 bed/1 bath townhome, it was in very bad shape and needed a full cosmetic overhaul(pictured above in the second set of before and afters). It was perfect at the time, great deal, 2 blocks from work and had room for renters(house hacking!!! that added an additional $10k to my profits!). I had plenty of work ahead of me though as I went way over budget and my parents convinced me to do a lot more work than I was planning on! My plan: new bathroom, new flooring, new counters and appliances, new lighting, paint and off to the races. Parents plan: My plans plus complete kitchen gut, new trim, new doors, remove fireplace to accommodate a new half bath and walk-in pantry(that one isnt as straight forward as it sounds because a beam had to be added to support the load and the entire house had to be re plumbed to add the bathroom!). Long story short, My Dad and I worked on the project in the evenings and weekends to add sweat equity, I lived there for 3 years and rented a room out for 2 of those years and sold it for a net 70k profit! and I didn't even have to pay taxes on that because it was my primary residence for over 2 years!

I am currently in my second fix and flip and house hacking while I'm doing it! Hopefully I'll do as good as I did on the first!

The first set of before and afters of my most current flip a 3 bed/1 bath 1.5 story. This is the first straight flip I've done and I partnered up to make it happen. It was a ton of work and I wish we would have taken more before pictures! This one also ended being a lot more work than we had originally planned but it was still worth it! The work included replumbing the entire home, new furnace and A/C, new water heater, Lower level gut and refinish, new patio, new garage door and garage repairs, new roof, kitchen gut, bathroom gut, hardwood refinish, new flooring, new doors, new trim, a lot of drywall work and paint. My partner and I added some sweat equity and after 3 months of work we made a profit of $32k!

We currently have two more properties and contract and plan on doing plenty more. I'll be posting progress in my blog! Hope everyone finds this inspiring!

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  • Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
    10y

    @Robert Dupre WOW! I love to hear success stories like this one! I hope everything works out to your benefit. What is the market like in your area? Are majority of your projects single family homes? Also are you ever going to consider buying and holding??

  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    You got rid of those sweet oak cabinets?!? Why?!? 1984 was such a good year!

    Seriously, that kitchen looks great! (The new one, not the old one!) Congratulations!

  • Real Estate Agent · Apple Valley, MN · Member since 2015 · 5 posts · 1 vote
    10y

    @Melissa Gittens All of my projects are single family and townhomes, I'm considering buying a multifamily home that I can build equity in and living in one of the units for a live-in flip turned to long term hold. My long term goal is to have a portfolio of rental properties and also continuing flipping. The MN market is really strong in the cities and surrounding suburbs, which is my primary market for business. The deals are harder to come by now but there are still plenty of opportunities.

  • Williston, ND · Member since 2015 · 63 posts · 17 votes
    10y

    Awesome job! The kitchen looks great! I love to see people who are just getting off the ground. Gives me even more confidence. Job well done!

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