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Updated over 6 years ago, 06/26/2018
Completed my first Flip in Canton ga.
I just finished my first flip. The house was purchased off the MLS as a banked owned. Asking price was 119k and I offered 125k cash two weeks closing. They accepted the offer.
Repairs. I am purchased a house flipping spreadsheet to estimate my repair cost, holding expenses and selling fees. I also used this spreadsheet to track my expenses. www.houseflippingspreadsheet.com
I estimated around 24k in repairs plus 20k in real estate selling cost. I replaced all the floors, new kitchen, baths, paint interior and exterior, new doors and trim. I had a contractor paint the exterior. 125k + 24k + 20K = 169k invested.
I am finished with the house and spent 26k in repair cost so I went 2k over budget. The house is listed at 225k with multiply showing every day.
I would like to here your feedback and let me know if you have any questions.
@Monica Diaz Thank you
@Matthew Nicklin Yeah sounds good we should meet up.
@Eric Paul its off bells ferry rd near bridge mill.
@Cy Saelens Homes are selling in a few days. I did not think it was worth the money. But maybe I'm wrong.
@Charisse Daving I'm not 100% on flipping in a different state. I was at the house 5-6 days a week working or overseeing my contractor. It would be a challenge but not impossible.
@Constance Chambers I did most of the work myself. I would spend 4-5 hours a day 5-6 days a week working at the house. I used one contractor and he painted the house within two weeks.
@john
@John Nichols the house had 15 offers. I had spent the last 6 months putting in offers and most sold over asking price.
@Michael Hayes thanks
@Nancy P. thank you
@Tyler Gunn I was thinking about using a cc with travel rewards.
@Xavier Randall I was budgeting for closing just in case.
@Jessica Wygal Yes. I did all but exterior paint. I did paint the blue door.haha
Congratulations!!! It really looks good!!! ☺️
Looks awesome! You have any before photos to see the difference?
Looks great, here's to a quick sale!
Awesome renovation!!
@Daniel Andrews. WOW - 15 offers. Surely you get one that Closes.
Do you have before pictures? $26k seems low for how beautiful the outcome is, even doing the work yourself, unless you didn't have to do major HVAC, plumbing, foundation work. We're already at $30k and haven't bought cabinets, fixtures, bathroom tile or landscaping yet. We got lucky uncovering some beautiful original pine floors that all we need to do is sand and refinish! Did you get your cabinets from Home Depot?
Just curious, is this taking into consideration the capital gains tax you will be hit with?
I LOVE the turquoise blue door. That was the one highlight that sets the home apart from all others. Congratulations well done!
@Vivyan G. @Benjamin Pifer Yes I will post some before pics. @Michael K.
@Jennyfer Sakiewicz I will post before, HVAC was good, it had a new roof and windows. Yes about home depot cabinets. It was 4600 for cabinets and counter tops.
@Robert E Bogino thanks
@Dane Logan Yes but not including on my profit margin. I hope to flip a second house this year. I will be taxed around 22% income tax and 15% capital gains on my net profit.
@Christina Parodi thanks to Pinterest. haha
Looks amazing Daniel, great job!! I did my first flip in December of last year, the first one is the hard one and it gets easier from there. I am now working on my 6th one and my goal is to only take 30 days to finish the repairs and list it on the MLS. You should really think about getting your Real Estate license, it will help you save and make more money on every flip. Good luck to you and I hope you get multiple offers!!!
@Marvin Vides that's amazing on the flip time. And congrats on working on your 6th. Yes I was thinking about real estate license. Maybe in the future.
Man these residential markets are getting overheated for sure. This one is close to me as I am in Bridge Mill. That is a side road where they tried to sell the gas station and parcels for commercial development in the past for the corner.
I guess it is a great property for someone who wants privacy.
I get mailers about 5 times a week in my mail box from residential agents wanting to list the house. We love living in Bridgemill and it is awesome. Really one of the best developments in all of Cherokee county. All the houses look different,mature landscaping, lake,park,restaurant in the subdivision, tennis courts, golf course, gym,clubhouse, over 2 acre pool. The main road gets too much traffic but luckily we are on a quiet street.
I think one hurdle to your property is the appraisal. Most houses are in master planned subdivisions and that one is an oddball street. So the appraiser likely will need to make many adjustments versus a subdivision house.
Hope you close it out and sell it.
- Joel Owens
- Podcast Guest on Show #47
Great job man! I'm looking to buy my first one with a heloc on my house, how did you price the house? Did you know or imagine that listing price before buying it? I'm looking for something a little cheaper around 70k but is hard for me to figure the selling price since most of the time the comps are fixer uppers too....
It’s a beautiful home!! I am from Ga and lived in Woodstock for many years! This home will sell and probably for asking price.
Congrats Dan! The house looks awesome! Good luck with your future endeavors!
I just want to know how did you get all that work done for only $26,000
GREAT job Daniel. Awesome looking property and you should know that you did something that 95% of the people on this board will never do.....and that's take action. I know it was probably tough and nerveracking but you persevered and YOU DID IT!! CONGRATS.......now go sell it and do it again!