First Flip in the Books

[Ryan Substad]

I just closed on my first flip in the Seattle area a couple weeks ago. I learned a lot in the process and even made some money. I ended up buying the property at the county auction. The property was a major hoarder house as you can see in some of the pictures below. After all the junk was removed it was a basic cosmetic rehab. The rehab ended up taking 4 weeks to finish. After placing the property on the market I had about 15 showings before I ended up accepting a full price offer 13 days after listing.

The biggest thing I learned through the whole process was to make sure every thing is in writing and agreed upon and signed before any work is started. I also recommend getting a couple different contractor quotes before agreeing to one and do your due diligence on the contractor. I ended up getting a recommendation and everything worked out alright but I will definitely do more due diligence in the future.

Here are the numbers.

Purchase Price - $158,500

Rehab Costs - $37,000

Sale Price - $252,500

Profit - $10,500

13.4% COC

Here are some before and after pictures.

[Nghi Le]

Congrats Ryan :-)

And with a property bought from the auction too.  I don't see too many success stories there!  If anything, I see more horror stories than successes nowadays, like this one:
https://www.biggerpockets.com/forums/12/topics/496...

Curious why you only made $10,500 profit though, based on the numbers you provided.  Seems like it should have been more?  Was your financing costs overly expensive?  Did you have to give seller concessions?