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Updated over 6 years ago, 06/04/2018
SOLD! $45,000 profit to start the New Year.
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. :)
@James Dickens, thank you for the great tips! :)
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.
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;)
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.
Good job; nice start of 2018. Wish you more success.
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.
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?
nice! Yes you definitely squeezed the budget for all its worth, that would be more here... especially with windows and HVAC...
Very nicely done, inspiring!
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
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)!
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.
Awesome Job, looking forwarding to seeing the next one!
Very nice place. Good work!
Congrats Omid!
You scored around the corner from my home, I live right by this house!
Wow, it turned out gorgeous! And the staging is breathtaking -- I love seeing a well-staged home.
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!!
