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Updated over 6 years ago, 06/04/2018

User Stats

119
Posts
120
Votes
Omid A.
  • Flipper/Rehabber
  • Portland, Or
120
Votes |
119
Posts

SOLD! $45,000 profit to start the New Year.

Omid A.
  • Flipper/Rehabber
  • Portland, Or
Posted

Hey BP,

I've yet to post any of my projects on here and they happen to be my favorite type of posts to see from other members so I figured I'd share one. This is a flip in Tigard, Oregon (suburb of Portland) that just officially closed today. I bought it in August for $262,000.00, put about $60-65k into it (still need to tally up the final numbers) and sold for $410,000.00.  At the time of purchasing this property, I was running a little low on capital so I funded 100% of purchase price plus most of the rehab costs so my holding costs are slightly higher than usual. 

Unfortunately, this is one I don't have the before photos for but we did new windows, garage doors, fencing, refinished the hardwoods throughout, completely updated the kitchen and both full bathrooms, all new doors and millwork, all new fixtures, new carpet, new furnace & water heater, and the list goes on. The project took about 8 weeks from start to finish so it was a relatively quick one.

The deal was brought to me by a wholesaler in the area and he made out nice with a 5-figure assignment fee as well. :) 

User Stats

220
Posts
98
Votes
Anna M.
  • Investor
  • Denver, CO
98
Votes |
220
Posts
Anna M.
  • Investor
  • Denver, CO
Replied

@James Dickens, thank you for the great tips! :)

User Stats

12
Posts
4
Votes
Ben Miles
  • Investor
  • Beaverton, OR
4
Votes |
12
Posts
Ben Miles
  • Investor
  • Beaverton, OR
Replied

@Omid A. This looks great! Thanks for sharing. Maybe we'll meet at a future meet up.

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User Stats

37
Posts
26
Votes
Patricia McPherron
Pro Member
  • Rental Property Investor
  • Salt Lake City, UT
26
Votes |
37
Posts
Patricia McPherron
Pro Member
  • Rental Property Investor
  • Salt Lake City, UT
Replied

Looks great!

  • Patricia McPherron
  • User Stats

    119
    Posts
    120
    Votes
    Omid A.
    • Flipper/Rehabber
    • Portland, Or
    120
    Votes |
    119
    Posts
    Omid A.
    • Flipper/Rehabber
    • Portland, Or
    Replied

    @David Edwards @Matt Paul  

    I fund my projects using private money from lenders that I connected with through my networking/marketing. They are not institutional investors by any means, mainly retired folks with money they don't want to put in the stock market. If you are finding quality deals then it's an easy sell to get a private money lender on board if they have any knowledge of real estate. Where else are you going to get 8-12% annualized return with your money protected by a hard asset at a steep discount from its market value? It's a no-brainer. 

    User Stats

    12
    Posts
    0
    Votes
    Sal Serrano
    Pro Member
    • Artesia, CA
    0
    Votes |
    12
    Posts
    Sal Serrano
    Pro Member
    • Artesia, CA
    Replied

    Very nice, really like that double sink!

  • Sal Serrano
  • User Stats

    10
    Posts
    1
    Votes
    Ryan Nickell
    • Real Estate Agent
    • San Francisco South Bay (Santa Clara County), CA
    1
    Votes |
    10
    Posts
    Ryan Nickell
    • Real Estate Agent
    • San Francisco South Bay (Santa Clara County), CA
    Replied

    Sounds similar to mine in Jacksonville, similar market (although I live in Silicon Valley) with same appreciation while cash-flowing and rehabbing one unit at a time.

    I'm also an agent so I save on the commission as well;)

    User Stats

    1,284
    Posts
    231
    Votes
    Scott W.
    • Real Estate Investor
    • chicago, IL
    231
    Votes |
    1,284
    Posts
    Scott W.
    • Real Estate Investor
    • chicago, IL
    Replied

    that's crazy you can get all of that done in 2 months. did you pull permits? I have a 70k rehab right now and am now in month 5 of the rehab; and it's only 1200 sq foot ranch w/ a detached 2 car garage.

    User Stats

    6
    Posts
    0
    Votes
    Mohammad Ejaz
    • Real Estate Investor
    • Anaheim, CA
    0
    Votes |
    6
    Posts
    Mohammad Ejaz
    • Real Estate Investor
    • Anaheim, CA
    Replied

    Good job; nice start of 2018. Wish you more success.

    User Stats

    12
    Posts
    19
    Votes
    Diana Devine
    • Rental Property Investor
    • Portland, OR
    19
    Votes |
    12
    Posts
    Diana Devine
    • Rental Property Investor
    • Portland, OR
    Replied

    Congrats @Omid A.  I am newbie at this and would like to shadow other investors currently working on their projects. I also live in Beaverton. I notice @Ben Miles is also from the beaverton area, would you guys be up for grabbing a coffee sometime. 

    User Stats

    12
    Posts
    19
    Votes
    Diana Devine
    • Rental Property Investor
    • Portland, OR
    19
    Votes |
    12
    Posts
    Diana Devine
    • Rental Property Investor
    • Portland, OR
    Replied

    Congrats @Omid A.. I am newbie at this and would like to shadow other investors like you currently working or rehabbing their projects. I live in Beaverton and noticed @Ben Miles is also from the area. Would you guys be up for grabbing a coffee or drinks sometime.   

    User Stats

    10
    Posts
    1
    Votes
    Satish Mekerira
    • Investor
    • San Francisco, CA
    1
    Votes |
    10
    Posts
    Satish Mekerira
    • Investor
    • San Francisco, CA
    Replied

    Looks super cool. Nice work.

    I have flipped a few homes too and would like to understand your cost break up, if you would be willing to share. I am assuming you are saying $65K plus other costs (closing, interest, taxes..) , so your net profit is $45K?

    User Stats

    45
    Posts
    1
    Votes
    Mike Gruol
    Pro Member
    • Flipper/Rehabber
    • Bend, OR
    1
    Votes |
    45
    Posts
    Mike Gruol
    Pro Member
    • Flipper/Rehabber
    • Bend, OR
    Replied

    Terrific job all around Omid!  That's one great looking rehab!  

  • Mike Gruol
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    User Stats

    595
    Posts
    344
    Votes
    Carson Wilcox
    • Davis, CA
    344
    Votes |
    595
    Posts
    Carson Wilcox
    • Davis, CA
    Replied

    nice!  Yes you definitely squeezed the budget for all its worth, that would be more  here... especially with windows and HVAC...

    User Stats

    6
    Posts
    0
    Votes
    Justin LaPointe
    • Newberg, OR
    0
    Votes |
    6
    Posts
    Justin LaPointe
    • Newberg, OR
    Replied

    Wow, Fantastic work @Omid A.

    Nice to see great work close to home.

    User Stats

    47
    Posts
    28
    Votes
    Ruddy Anthony Salazar
    • Sylmar, CA
    28
    Votes |
    47
    Posts
    Replied

    Very nicely done, inspiring!

    User Stats

    78
    Posts
    38
    Votes
    Sebastian Kressley
    • Rental Property Investor
    • Greenville, NC
    38
    Votes |
    78
    Posts
    Sebastian Kressley
    • Rental Property Investor
    • Greenville, NC
    Replied

    @Omid A. Absolutely love the grey exterior, amazing project.

    User Stats

    363
    Posts
    143
    Votes
    Carlos Zapata
    • Investor
    • Miami, FL
    143
    Votes |
    363
    Posts
    Carlos Zapata
    • Investor
    • Miami, FL
    Replied
    Originally posted by @Omid A.:

    Hey BP,

    I've yet to post any of my projects on here and they happen to be my favorite type of posts to see from other members so I figured I'd share one. This is a flip in Tigard, Oregon (suburb of Portland) that just officially closed today. I bought it in August for $262,000.00, put about $60-65k into it (still need to tally up the final numbers) and sold for $410,000.00.  At the time of purchasing this property, I was running a little low on capital so I funded 100% of purchase price plus most of the rehab costs so my holding costs are slightly higher than usual. 

    Unfortunately, this is one I don't have the before photos for but we did new windows, garage doors, fencing, refinished the hardwoods throughout, completely updated the kitchen and both full bathrooms, all new doors and millwork, all new fixtures, new carpet, new furnace & water heater, and the list goes on. The project took about 8 weeks from start to finish so it was a relatively quick one.

    The deal was brought to me by a wholesaler in the area and he made out nice with a 5-figure assignment fee as well. :) 

     Great Job,  thanks for sharing,  you make me think about rehabbing properties again 

    User Stats

    1,023
    Posts
    390
    Votes
    Steven Gesis
    • Investor
    • Miami, FL
    390
    Votes |
    1,023
    Posts
    Steven Gesis
    • Investor
    • Miami, FL
    Replied
    Originally posted by @Omid A.:

    Hey BP,

    I've yet to post any of my projects on here and they happen to be my favorite type of posts to see from other members so I figured I'd share one. This is a flip in Tigard, Oregon (suburb of Portland) that just officially closed today. I bought it in August for $262,000.00, put about $60-65k into it (still need to tally up the final numbers) and sold for $410,000.00.  At the time of purchasing this property, I was running a little low on capital so I funded 100% of purchase price plus most of the rehab costs so my holding costs are slightly higher than usual. 

    Unfortunately, this is one I don't have the before photos for but we did new windows, garage doors, fencing, refinished the hardwoods throughout, completely updated the kitchen and both full bathrooms, all new doors and millwork, all new fixtures, new carpet, new furnace & water heater, and the list goes on. The project took about 8 weeks from start to finish so it was a relatively quick one.

    The deal was brought to me by a wholesaler in the area and he made out nice with a 5-figure assignment fee as well. :) 

     Awesome! Congrats! Love Success stories, thanks for sharing. Its always fun to see what others are doing and where try to find the common denominator in every market. You did a nice job with the home and finish selections, the backyard living space looks awesome. Most important you have nice photos (Also very important)!

    User Stats

    119
    Posts
    120
    Votes
    Omid A.
    • Flipper/Rehabber
    • Portland, Or
    120
    Votes |
    119
    Posts
    Omid A.
    • Flipper/Rehabber
    • Portland, Or
    Replied
    Originally posted by @Satish Mekerira:

    Looks super cool. Nice work.

    I have flipped a few homes too and would like to understand your cost break up, if you would be willing to share. I am assuming you are saying $65K plus other costs (closing, interest, taxes..) , so your net profit is $45K?

     That's correct, 65k is just the renovation cost, not holding costs or closing costs.

    User Stats

    6
    Posts
    0
    Votes
    Andrew Alvira
    • Buffalo, New York (NY)
    0
    Votes |
    6
    Posts
    Andrew Alvira
    • Buffalo, New York (NY)
    Replied

    Awesome Job, looking forwarding to seeing the next one!

    User Stats

    14
    Posts
    11
    Votes
    Jerry Chamnichanh
    • Buffalo, NY
    11
    Votes |
    14
    Posts
    Jerry Chamnichanh
    • Buffalo, NY
    Replied

    Very nice place. Good work!

    User Stats

    29
    Posts
    12
    Votes
    Daniel S McNabb
    • General Contractor
    • Tigard, Or
    12
    Votes |
    29
    Posts
    Daniel S McNabb
    • General Contractor
    • Tigard, Or
    Replied

    Congrats Omid!

    You scored around the corner from my home, I live right by this house!

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    User Stats

    102
    Posts
    59
    Votes
    Raquel D.
    • Investor
    • Shakopee, MN
    59
    Votes |
    102
    Posts
    Raquel D.
    • Investor
    • Shakopee, MN
    Replied

    Wow, it turned out gorgeous!  And the staging is breathtaking -- I love seeing a well-staged home.

    User Stats

    100
    Posts
    29
    Votes
    Jeff Hubert
    Pro Member
    • Realtor
    • Fort Lauderdale, FL
    29
    Votes |
    100
    Posts
    Jeff Hubert
    Pro Member
    • Realtor
    • Fort Lauderdale, FL
    Replied

    Very good job Omid!  Just starting mine up here in FTL, FL...might have to take one or tow of your idea's LOL...  Wish you best for the New Year!!

  • Jeff Hubert
  • User Stats

    42
    Posts
    10
    Votes
    Scott Michael
    • Flipper/Rehabber
    • Portland, OR
    10
    Votes |
    42
    Posts
    Scott Michael
    • Flipper/Rehabber
    • Portland, OR
    Replied

    @Omid A. Great job on this house and great numbers! Can I ask who did the staging, is this something that you budgeted for in your numbers, or did the real estate agent do it? Do you always do staging?