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

[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. :) 

[Nick Danaluk]

Nice finish work. .That's up-to-the-minute contemporary.

[Mathew Wray]

Hey Omid, 

Thanks for sharing! It's really funny you posted this. My boy's best-friend lives about three houses away from your flip, I picked him up last week and saw the house and was really impressed. It's always nice to see local work...you did a great job and I'm happy it sold so quickly for you!

What's next?

Mathew

[Omid A.]

@Mathew Wray That is funny, what a small world. I'm glad you like it after seeing it. 

As far as what's next, I've got a few more flips in the works at one stage or another and actively looking to buy more houses we can flip. 

[Lauren B.]

Nice design, nice photography, nice work!

[Bill Horton]

Very nice!

[Ray Johnson]

@Omid A. How much of the rehab was done for the $65K? This looks amazing, Did you do all the work? How long did it take you to turn out such a great product?

[Omid A.]

Originally posted by @Ray Johnson:

@Omid A. How much of the rehab was done for the $65K? This looks amazing, Did you do all the work? How long did it take you to turn out such a great product?

 All of it, it was all sub-contracted. It took about 8 weeks from demo day until completion. 

[Anna M.]

Wow, @Omid A. that looks beautiful.  The profit on this too looks beautiful.  Can I ask what type camera you are using for the photos?  That is the challenge I am having with a rental posting, my photos suck and I am not sure what people are using to get their photos to look so good.  I really love the pics you have above.  Overall,  Good for you.  5-figure assignment fee?...... Maybe I need to switch careers, LOL.  I couldn't sell though, am more your buy, hold and property manage type girl.  Good job though, really happy for you.  :)

[Jacob Wathen]

@Omid A. That looks like a great flip! I am an investor/agent in Portland and I love seeing a well done flip. It looks like you cared about quality and staying on budget. Congrats! 

[Brian Garrett]

Congrats buddy it looks great! 

[Sam Shueh]

You controlled the rehab budget. In our area it would be way more. 65K will not cut it here.

[Omid A.]

Originally posted by @Anna M.:

Wow, @Omid A. that looks beautiful.  The profit on this too looks beautiful.  Can I ask what type camera you are using for the photos?  That is the challenge I am having with a rental posting, my photos suck and I am not sure what people are using to get their photos to look so good.  I really love the pics you have above.  Overall,  Good for you.  5-figure assignment fee?...... Maybe I need to switch careers, LOL.  I couldn't sell though, am more your buy, hold and property manage type girl.  Good job though, really happy for you.  :)

Thank you! I'm not sure the type of camera. I use an agent to sell the house on the market and she has her own photographer that she pays out of her commission. You can probably find someone on Instagram pretty easily who will do it for you for $75-150 bucks. 

[Omid A.]

Originally posted by @Sam Shueh:

You controlled the rehab budget. In our area it would be way more. 65K will not cut it here.

 I hear you, costs are definitely creeping. This was a 1558 sqft 4/2 bath house to put the cost in perspective.

[Bill Goodland]

Awesome job @Omid A.! Do you happen to have any before pictures your wouldn't mind sharing?

[John Williamson]

Well done, @Omid A. ! My wife and I actually just moved from Tigard to Lake Oswego! I have been aggressively (as aggressive as you can with a full-time W2 and a baby boy) searching the Portland market for deals. I'm glad to see that there are good deals out there such as this one!

How did you end up finding the wholesaler that you worked with on this one?

[Ola Dantis]

@Omid A. Congratulations and thanks for sharing. 

I can see you guys put in a ton of design focus and that finishes are really cool. 

How many of these projects have you done? Thanks! - Ola 

[Juree Rambo]

Nice work! 

[Brandon Stevens]

Congrats buddy looks great. 

[Egan Lohman]

@Omid A. - Fantastic! Beautiful job!  Love the katty-corner double vanity, great idea and excellent use of space.  Was that intentional or did you have to get creative to work around that strange wall box in the bathroom?  Also, you said you financed 100% of the project, was that hard money or private?  If hard money, who was your lender?

[David Edwards]

@Omid A. First the project looks great! It seems you found exactly what he buyers in that area were looking for.

Would you mind sharing some more details on the financing portion of this project? As someone who also doesn't have a ton of capital to work with I'd be interested in hearing more about the numbers.

[Matt Paul]

Omid, it's refreshing to see a flip that isn't lipstick on a pig.  It looks like you've touched every surface on the property.  Thanks for the details and inspiration, phenomenal job! I have a cabinet shop in East Texas and have seen remodels & flips that are just a pure hackjob so I love seeing flippers take pride in their design & work.   

[James Dickens]

@Anna M. For photos you need to use a wide-angle lens and a tripod (You can see a tripod leg in the shadow on the bathroom photo). DSLR would be the best but you can even get good shots with a phone with a snap-on lens and a tripod. Results will vary by phone type though. 

Also works well if you can remote fire the camera, that way you can get it into a corner and not have to stand behind it to shoot. 

Open all drapes and turn on all lights (see the Kitchen Photos)

Also don't be afraid to experiment with cheap external battery powered lights that you can use to light up a dark area. A flashlight and a paper towel tube can do some wonderful things :)

Last tip would be to use an area or grid exposure setting and not a point (center point of lens) This way the camera will try and balance out the lighting on it's own across the whole area and not just the center of the lens. 

Those should be some easy ways to improve your photos if you take them on your own. 

[James Dickens]

@Omid A. Great Job! It's always good to see nice work combined with a nice check at the end of things. Keep up the great work and can't wait to see your next flip posted. 

[Greg D.]

Really cool to read your success story in my (nearby) backyard. Congratulations!

I'm almost ready to share mine and will be sure to include a link once it closes later this week. 

[Diego Ortega]

Beautiful! I may have to steal some of your color themes! Love it!