First Flip- follow up

[David D'Errico]

this is the follow up post for all those interested. Original post is here. https://www.biggerpockets.com/forums/67/topics/315...

- @Jason James,  @Jared Yates, @Joseph King @Kevin Nalley @Bryan C.@Robert Guilfoyle

Purchase $109k

Rehab budget $30k

- actual cost $35k

Holding costs $20k

- lender fees, assignment cost, bills, utilities, interest payments, etc

Expected ARV $185

Asking price $199k

Profit $33k

House was a 1900's shotgun style-camelback. We found it through a wholesaler.  It had some nice old hardwood with thick trim and base boards. It was a 2/2 with a bunch of awkward space. Walls were terrible; plaster and lathe with numerous patches throughout. This was pretty much a complete gut. We framed up quite a few new walls to make a designated bedroom downstairs as well as moving and reframing a bathroom, and laundry room. All new kitchen and two new bathrooms. New doors, windows, siding, roof. Obviously new drywall, paint and carpet. Refinished floors, new and refinished trim work, lights, fans,etc. We did a lot of the work ourselves but also hired some stuff out to sub contractors. Took just over 6 months. 

While we rehabbed this property a few homes nearby sold in the high 190's and that helped out a lot. We listed it on Zillow and within 24hours we had over 1000 views. The next day we had a full price offer! No agent commissions to pay either. So profits on this one really worked out. Had we only been able to sell for around $185k and if we had to pay a commission the profits would have been a bit lower. This was our FIRST flip! We were all super excited to get this one done and not lose money!