Hey all! We're excited to share that our first full rehab and flip resulted in a profit of 10k! Nothing massive but we made money for ourselves and our investor. My partner and I started up our real estate business about a year ago. Our friends and family still think we're crazy, but we trudged on and made money. We got the lead from a post card mailer. We paid 7k in a c area, put about 20k into the rehab and sold it for 47k. We researched a stupid amount before and during (and still now) but it's true what they say. You just can't learn it all. We messed up a ton of little things and got hit with several surprises. Our favorite mistake was ordering a dumpster for a shed we needed to demo. We paid someone to demo the shed then scheduled a day for all of our friends to come help us toss it. The mistake was that we scheduled the friend day for AFTER the dumpster was due back lol. So the company picked up an empty dumpster and we had a group of ten people there without a dumpster to put the shed into. Just one of our few rookie mistakes. Luckily, we did a great job on the most important things. We bought right. We were very conservative on our rehab numbers and we ended up selling it for more than we thought we would. My humble advice to other newbies is just to be conservative, especially right now. I see investors over paying so much on other deals right now. Crunch your numbers and constantly be asking what you're missing and how can you lose money. If you cover your butt with conservative estimates, you're bound to make money.

9 Votes

6 Replies

Jump to Last Reply

First Flip = 10k Profit

Most Popular Reply