How I flipped the same house 2 times in 2 years

[Peter Ryabikin]

Hello PB. I am a new member that flips in the Portland OR market. I have flipped close to 100 houses and one one of my BIG goals is to start being more active on forums and networking. Here is my story I started flipping in late 2009. I started as a gc for house flippers and eventually started flipping my own deals. Late 2011 I purchased a major fixer from a wholesaler and started the work. My 60-70k rehab budget turned into over 120k. I did a addition and full gut on the house. It was my first big project and a great learning experience. The house sold quick but by the time all expenses were paid, I only made around 15k. This is not taking in account all of the physical labor I put in. About a year later I was served with a lawsuit from the buyer. They were not happy with some of the work. Foundation, siding not having underlayment (original siding on 100 year old house). Most of it was crap. All the work was permitted and inspected by the city. I was at the time and currently a licensed gc and my insurance company hired me a lawyer and took the case. About a year into the lawsuit I had a scheduled mitigation and my insurance company called and said they are willing to pay 30k to settle the case (lawsuit started at a million for a 300k house). I went to mitigation and offered to buy the house back at what I sold it to them for. They agreed and my insurance company paid 30k and I paid the rest. I bought the house back 2 years later at what I sold it to them for minus the 30k that my insurance paid (cost me $2500 deductible). The Portland marker grew a bit over the two years so I knew I could flip it again.. I had to partner with a friend (current business partner) to buy it back because I was short on cash at the time. We added a ac, did some paint touch ups, landscape and sold it for a close to 55k profit. I am blessed to have such a great outcome. Thanks for reading BP Peter PS. I am a high school drop out so excuse my bad grammar :)