Our First TRUE flip - 2 week rehab

[Andrea Castor]

Although we've been doing real estate casually since 2004 (when we we're 19), this is our first real flip deciding we'd like to do this as another income stream. In the past we did a live n' flip (2004 - 2007), purchased a rental property in 2012, and did another rent n' flip from 2013-2015. These past properties gave us the funds to make a cash offer on the flip.

We found the property through the MLS. I actually saw it the day it was listed but with 4 young kids at home, we just had to much to do. A couple days went by and it popped u in my head to check. They were taking offers till noon that day. My husband rushed over to take a look and decided to make an offer, $15k above list price. It was also a condo, which was risky, but a growing area on a golf course so we went for it. What was supposed to be a 2 week close turned into nearly a month so being at a standstill on starting renos was less than ideal.

Finally closed on the property Apr 15. Husband wanted the property on the market by May 1st so he went straight to the condo after closing to rip out carpet. The property was only 3 years old but in desperate need of a deep deep cleaning. Every surface had to be touched.

Over the next two weeks, my husband would work his normal job 3am-8am at UPS, then his lawn business till 5, then would head to the condo and work till he couldn't move any longer. Every surface was painted, flooring was contracted out, and lots of date nights cleaning with bleach and Dawn dishsoap!

After 2 weeks of exhausting work, we put it on the market. Lots of showing but no offers because there wasn't assigned parking, no balcony like other models offered in the complex, and no garage. We were at the point where we decided we were going to have to rent it (exit strategy #2). I had even listed it and received over 50 calls in the first day when we got an offer. It was lower than expected but worked out.

Final numbers (although I need to keep spreadsheets next time to be more exact):

Purchase price - $80,00

Renovation repairs - $5,000

Other expenses including HOA, taxes, commission) $6,000

Total profit: $20,000

Here are a few pictures of the after. We dug in so quick that we didn't get many before pictures but I will try to find some and post...