Working On My First Fix-n-Flip!!

[Mike Collier]

I needed a cash infusion into my REI business so I began looking for a Fix-n-Flip opportunity. I found a wonderful 4/2 foreclosure with a private pool in Orlando that needed quite a bit of TLC. When I first walked in it there were a few other people in there shaking their heads saying it needed too much work. I kept my Poker face though because I was seeing mostly cosmetic repairs needed and some updating. It was listed in MLS as a 3-bedroom but is actually a 4-bedroom. Score! It's in a quiet neighborhood that has mature landscaping and even has sidewalks. (You don't realize how nice it is to have sidewalks until you have them in one neighborhood and don't have them in the next) The work started about 2.5 weeks ago and we're still pretty close to where we should be in my 30 day rehab schedule.

I did the tear-out of the cabinets, sinks, and some walls in the kitchen and both bathrooms myself to save money.  I got my first battle scar too!!  A wood panel with a screw in it sticking straight up went through my shoe and into my foot.  (Don't worry, I won't post those photos) But yeah, it took about a week and a half to shake that one off.  I'm using some of the contractors I've used on other properties to get the rest of the rehab done.  I considered using a GC to coordinate the work but I figure since no permits need to be pulled, no GC is needed.  I'll manage it and take whatever may come of it as a learning experience - just hopefully not a costly one.

Here are the numbers:

Goal: Sales Price = $210,000

Purchase - $122,000

Closing Costs - $3535

HML (6 months) - $12,000

Est. Rehab - $30,000

3% Buying Agent Com - $6300

Holding Costs (Taxes, Insurance, Utilities) - $4000

Total Projected Profit = $32,165

I'll be sure to post the Before and After photos and updates when the project is complete in a few weeks from now.  Thanks for reading!

[Mike Collier]

Originally posted by @Gino Barbaro:

@Mike Collier

Sounds like you landed a great deal.  You are working on a tight schedule, hope you sell it and make $$$.

What is your next step with the cash infusion?

Gino

 Thanks Gino.  Yes, I know it's a tight schedule but that's my goal.  I hear of some flips that take people many months up to a year just for the rehab part of their project.  That doesn't take into account it still has to be sold!  I'm shooting for 30 days but if it runs 45-60 days, I'll be okay with that and just learn from my mistakes.