Just closed a rehabbed flip!

[Kendra T.]

Hi all,

Just wanted to share my joy. Bought the house (3/2.5) for 85k. House needed some work, especially new windows throughout. Spent about 20k on the property and sold for 134k. I've bought homes before but they were mainly for buy and hold. This was my first actual flip. :) Can't wait to do more!

[Kendra T.]

The property closed in early March, but we had to wait to the actual work because of the windows. All the windows throughout and sliding door had to be replaced. It was boarded up when I bought it. And that took about three weeks for custom order and installation. Over all, the whole project took about a month to finish. What was done were:
1. New dual pane windows throughout
2. New paint outside (the bank painted the inside already)
3. New gutters
4. replace garage door
5. replace hvac
6. new cabinetry throughout whole house, including kitchen and granite countertops
7. The rest were small miscellaneous items

Project took a little longer to close because buyer did a FHA loan (about 2 months).

When I looked at the property, there were no access to the backyard so I submitted an offer without seeing the backyard or the exterior besides the front. Big mistake because once we were able to get back there, one of the siding had dry rot and the whole side had to be replaced. The existing patio was also in very bad shape that needed to come down (it was done illegally and improperly).

Funding for this property was mainly cash. My original plan was to refi and cash out with private money upon close of escrow; however, the properly had existing liens that took time to clear up and lender would not fund otherwise. By the time title was clean and clear, I was done with the rehabbing and it made no sense to refi at the point.