I wanted to share my experience of my first flip.

[Steve Lockwood]

My wife and I got our first home in 04. It was for sale for 20k and we offered 10k. The next day we owned the house for 10k. We got a construction loan for 20k. We only spent 19,500. That includes the house and all the updates. We completely updated this house. Gutted every room, Updated the electrical, most of the plumbing, kept the hvac. Took out a couple walls, closed in the porch and made it a foyer, and a walk in closet. Sold it 2 years later for 46,500. The house was like 850 sf. Really small.

I had only been in construction for 3 years at that point but with the help of my brother in laws we did every bit of the work. We worked our normal job every day then at night worked on my house. Weekends, every bit of spare time was spent on the house. It took us almost 6 months to do it. Once we put the house on the market, The house was on the market for about 6 hours and a younger couple looked at it twice in one day. They bought it the next day.

That was my first flip.