First Fix and Flip - Completed by 21 years old!

[Joseph Ziolkowski]

I have decided to share my first flip project on a 2/1 property I bought in central Wisconsin. These types of posts really intrigue me, so I decided I would share my own experience on my first fix and flip. I bought the house in December of 2016 and closed on September 29th, 2017. The reason it took so long was because my father and I did most of the work ourselves,with the exceptions of a few things we had to hire out. Anyway, the purchase price was $10,500, rehab costs were around $40k (included a complete rewire, all new plumbing, new electric baseboard heat throughout, new insulation, new windows and doors, new water heater, new flooring throughout and pretty much everything else including cabinets, counter-tops, fixture, etc.), holding costs of $1000 and closing fees around $3500 making my all in at $55,000. I ended up selling the house for $68,000 and made a decent profit of $13,000.  My profit would have been greater if I would have taken the time to find a good, trustworthy contractor. That is definitely the biggest mistake I made on my first fix and flip, but I still ended up positive because I factored in unexpected costs that might have occurred. Overall, this was a great learning experience and I am excited for the new year to hopefully get some more deals under my belt!

Here are some before and after pictures of the property: