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Updated over 6 years ago, 06/26/2018

User Stats

96
Posts
81
Votes
Daniel Andrews
  • Investor
  • Marietta, GA
81
Votes |
96
Posts

Completed my first Flip in Canton ga.

Daniel Andrews
  • Investor
  • Marietta, GA
Posted

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.

https://www.zillow.com/homedetails/115-Brookwood-D...

User Stats

2
Posts
0
Votes
Marvin Vides
  • Real Estate Agent
  • Ogden, UT
0
Votes |
2
Posts
Marvin Vides
  • Real Estate Agent
  • Ogden, UT
Replied

Thank you!!

User Stats

709
Posts
739
Votes
Matthew McNeil
  • Rental Property Investor
  • Boise/Portland
739
Votes |
709
Posts
Matthew McNeil
  • Rental Property Investor
  • Boise/Portland
Replied

Awesome Daniel.  Well done!  Hope it sells fast!

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User Stats

12
Posts
8
Votes
Julie Tonioni
Pro Member
  • Rental Property Investor
  • Farmington, Ct
8
Votes |
12
Posts
Julie Tonioni
Pro Member
  • Rental Property Investor
  • Farmington, Ct
Replied

The house looks amazing.  Hoping it sells quickly for you!

Thank you for the spreadsheet this will be helpful for my first flip.

  • Julie Tonioni
  • User Stats

    29
    Posts
    3
    Votes
    Jordan Bradberry
    • Kansas City, MO
    3
    Votes |
    29
    Posts
    Jordan Bradberry
    • Kansas City, MO
    Replied

    Nice! Good luck with everything!

    User Stats

    96
    Posts
    81
    Votes
    Daniel Andrews
    • Investor
    • Marietta, GA
    81
    Votes |
    96
    Posts
    Daniel Andrews
    • Investor
    • Marietta, GA
    Replied

    thanks @Joel Owens The comps are close to asking price so I'm hoping the appraiser uses the comps that I looked at. 

    @Alvaro Leis I looked at comps myself and came up with a $ per sq that I was thinking it would sell for. I used the flip spread sheet to work my estimate of repairs before I purchased. I highly recommend using this software, it amazing. 

    @Pat Saunders thanks and good luck

    @Stephanie Fouts thanks me too!

    User Stats

    96
    Posts
    81
    Votes
    Daniel Andrews
    • Investor
    • Marietta, GA
    81
    Votes |
    96
    Posts
    Daniel Andrews
    • Investor
    • Marietta, GA
    Replied

    @Quinton Childs thanks

    @Larry Vestall I did most of the work to keep the cost down.

    @Jeff Kemmer Thank you. That means a lot to me. It was tough, long hours of blood, sweat and tears. 

    @Matthew McNeil thank you

    @Julie Tonioni thank you. The spreadsheet made it east to keep up with expenses. I have used it every day over the last 5 months.  

    User Stats

    1
    Posts
    0
    Votes
    Justin Wall
    • Orlando, FL
    0
    Votes |
    1
    Posts
    Justin Wall
    • Orlando, FL
    Replied

    Daniel, awesome work! Just out of curiosity what were some of your lessons learned as far as unexpected setbacks ultimately delaying you from listing the property for 5 months? What changes do you see yourself making the next time around?
    Keep up the great work!

    Thanks!
    Justin Wall

    User Stats

    25
    Posts
    8
    Votes
    Kenny Lincoln
    • Investor
    • Charlotte, NC
    8
    Votes |
    25
    Posts
    Kenny Lincoln
    • Investor
    • Charlotte, NC
    Replied
    Originally posted by @Daniel Andrews:

    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.

    https://www.zillow.com/homedetails/115-Brookwood-D...

    What type of flooring did you use? That looks like either true hardwood or engineered wood. Did you complete any of the work yourself and how long did the renovations take? You are looking at around 25% margin according to those numbers ... nice job.

    User Stats

    2
    Posts
    0
    Votes
    Jose Luis Hidalgo
    • Flipper/Rehabber
    • Weston, FL
    0
    Votes |
    2
    Posts
    Jose Luis Hidalgo
    • Flipper/Rehabber
    • Weston, FL
    Replied

    Awesome Daniel, congrats!!!

    User Stats

    96
    Posts
    81
    Votes
    Daniel Andrews
    • Investor
    • Marietta, GA
    81
    Votes |
    96
    Posts
    Daniel Andrews
    • Investor
    • Marietta, GA
    Replied

    @Justin Wall Thanks, Demo took about 3 weeks because the kitchen had three layers of flooring. Then I had to replace the plywood in the kitchen and baths. I was going to paint the exterior myself but I ran out of time so I paid a contractor to paint. On the next flip I will have someone paint the interior and exterior and hire help to demo. I'm also thinking about paying someone (like high/college kid) to help. I would pay him/her by the hour to do odd jobs like clean and landscaping. 

    User Stats

    24
    Posts
    7
    Votes
    Sofiaan Fraval
    • Real Estate Agent
    • Arroyo Grande, CA
    7
    Votes |
    24
    Posts
    Sofiaan Fraval
    • Real Estate Agent
    • Arroyo Grande, CA
    Replied

    @Daniel Andrews Thanks for the inspiration! I love this thread.

    The spreadsheet is going to help me in my flip as well. 

    Wishing you well with the sale, and your next flip. Keep up the great work.

    User Stats

    96
    Posts
    81
    Votes
    Daniel Andrews
    • Investor
    • Marietta, GA
    81
    Votes |
    96
    Posts
    Daniel Andrews
    • Investor
    • Marietta, GA
    Replied

    @Kenny Lincoln The floors are luxury vinyl planks, engineered wood floors. I did all the work myself except from the exterior paint. Total reno took 5 months and total holding time will be around 6-7 months. I am hoping to cut that time in half next flip.

    @Jose Luis Hidalgo thank you

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    User Stats

    96
    Posts
    81
    Votes
    Daniel Andrews
    • Investor
    • Marietta, GA
    81
    Votes |
    96
    Posts
    Daniel Andrews
    • Investor
    • Marietta, GA
    Replied

    @Sofiaan Fraval I cannot say enough about the spreadsheet. THanks

    User Stats

    3
    Posts
    0
    Votes
    Replied

    Daniel,

    Great job! did you use private funding for this deal? 

    User Stats

    73
    Posts
    31
    Votes
    Ivy Flowers
    • Real Estate Agent
    • Cleveland, OH
    31
    Votes |
    73
    Posts
    Ivy Flowers
    • Real Estate Agent
    • Cleveland, OH
    Replied

    I would like to see the before pics! Very cute home I’m sure it’ll sell quick.

    User Stats

    24
    Posts
    1
    Votes
    Alvaro Leis
    • Buford, GA
    1
    Votes |
    24
    Posts
    Alvaro Leis
    • Buford, GA
    Replied

    What software did you use? I see everybody mentioning it but don't know which one it is

    User Stats

    42
    Posts
    27
    Votes
    Lynette Guy
    • Rental Property Investor
    • Decatur, GA
    27
    Votes |
    42
    Posts
    Lynette Guy
    • Rental Property Investor
    • Decatur, GA
    Replied

    Hey Daniel.  Congratulations, the house looks amazing!  You did a  great job on both the renovations and your projected profit.  

    User Stats

    19
    Posts
    7
    Votes
    Merri Grace McLeroy
    • Flipper/Rehabber
    • Norcross, GA
    7
    Votes |
    19
    Posts
    Merri Grace McLeroy
    • Flipper/Rehabber
    • Norcross, GA
    Replied

    @Daniel Andrews  Beautiful! Congratulations. 

    User Stats

    108
    Posts
    20
    Votes
    Rita Bautista
    • CEO
    • Chicago, IL
    20
    Votes |
    108
    Posts
    Rita Bautista
    • CEO
    • Chicago, IL
    Replied

    Great job!  Best wishes for a quick sale!

    User Stats

    14
    Posts
    7
    Votes
    Pedro Jose Villaroman
    • Montgomery Village, MD
    7
    Votes |
    14
    Posts
    Pedro Jose Villaroman
    • Montgomery Village, MD
    Replied

    It's a Diamond in a rough indeed! Congrats to you mate! It's a beautiful house and hope you close on it very soon! Thanks for the spreed sheet it will help us for analyzing the repairs. 

    User Stats

    8
    Posts
    6
    Votes
    Shaun Johnson
    • New York, NY
    6
    Votes |
    8
    Posts
    Shaun Johnson
    • New York, NY
    Replied

    What an awesome find and improvement. Best wishes on a strong and speedy sale!

    _Shaun

    User Stats

    4
    Posts
    1
    Votes
    Dave Birck
    • Laguna Niguel, CA
    1
    Votes |
    4
    Posts
    Dave Birck
    • Laguna Niguel, CA
    Replied

    Looks great! How long did the rehab take?  

    Dave

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    User Stats

    1,284
    Posts
    231
    Votes
    Scott W.
    • Real Estate Investor
    • chicago, IL
    231
    Votes |
    1,284
    Posts
    Scott W.
    • Real Estate Investor
    • chicago, IL
    Replied

    ah, now it makes sense trying to hit the 50k margin. if you did all of that work yourself, you prolly saved $20k in labor. how many hours of work would you say you put in?

    User Stats

    1
    Posts
    0
    Votes
    Replied

    Great Job.

    User Stats

    25
    Posts
    8
    Votes
    Kenny Lincoln
    • Investor
    • Charlotte, NC
    8
    Votes |
    25
    Posts
    Kenny Lincoln
    • Investor
    • Charlotte, NC
    Replied
    Originally posted by @Daniel Andrews:

    @Kenny Lincoln The floors are luxury vinyl planks, engineered wood floors. I did all the work myself except from the exterior paint. Total reno took 5 months and total holding time will be around 6-7 months. I am hoping to cut that time in half next flip.

    @Jose Luis Hidalgo thank you

     LVP to the front and FTW. I placed some in a rental of mine as well.