First Flip - Boston, MA

[Patrick Wheeler]

Hey BP,

A few days ago, I closed on the purchase of my first flip opportunity, a single family in Stoughton, MA. I have partnered on a couple BRRR deals within the past year and a half, but this is my first project on my own and I'm very excited to be fully responsible for its outcome.

Some details about the deal:

Purchase Price - 185k
Rehab Budget - 115k
After Repair Value - 400k

Some details about the rehab:

Permits & Plans - $4,000
Demo - $7,050
Roof - $11,000
Windows - $7,500
Doors - $1,000
Insulation - $2,500
Plumbing - $12,500
Electrical - $11,000
Painting - $17,750
Flooring - $6,750
Tile - $3,690
Finish Carpentry - $13,500
Cabinets - $5,700
Countertops - $3,200
Appliances - $2,800
Landscaping - $5,000

I used hard money to finance this deal as well, but was also able to raise the 20% down with a private lender. Fortunately, now on my third project, I have not had to use any of my own money for these deals to date.