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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

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

Hi @Tara Williams So on this house I completed about 90% of the work. Thank you to youtube! Haha. I used a painter for the exterior. 

User Stats

1
Posts
0
Votes
John Nichols
  • Jacksonville , FL
0
Votes |
1
Posts
John Nichols
  • Jacksonville , FL
Replied

Why did you offer $125k for a $119k listing?

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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

Thanks @Bo Wagner

User Stats

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

@Tyler Gunn I saved up the cash to purchase the house. I funded the repairs with a 0 interest home depot cc. I paid some of the cost like utilities out of my monthly income. 

User Stats

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

@Xavier Randall 115 brookwood dr canton 30114

User Stats

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

@Christine P. I got a 215k offer today with 5k closing. 

User Stats

12
Posts
7
Votes
Michael Hayes
  • Realtor
  • North Olmsted, OH
7
Votes |
12
Posts
Michael Hayes
  • Realtor
  • North Olmsted, OH
Replied

It looks amazing!!  Great job on your first flip.

User Stats

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

@Angela Yan The market is hot here and houses are selling in a few days. I did not feel that it was needed to stage of virtual stage. 

User Stats

329
Posts
348
Votes
Nancy P.
  • Naperville, IL
348
Votes |
329
Posts
Nancy P.
  • Naperville, IL
Replied

Well done.   I checked out the actual listing,  fantastic beautiful lot.  You got a great house and did a wonderful reno.   Good that you are so handy when all the contractors are booked solid.  On to the next one!

User Stats

3
Posts
0
Votes
Replied
Originally posted by @Daniel Andrews:

@Tyler Gunn I saved up the cash to purchase the house. I funded the repairs with a 0 interest home depot cc. I paid some of the cost like utilities out of my monthly income. 

 Impressive that you paid for it cash! I like the idea of using the CC for repairs, rack up them reward points ;) 

User Stats

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

thanks @Keisha Marie Alexander

@Tom Mallan

User Stats

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

@Account Closed Haha thanks. Maybe if you lived closer. 

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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

@Steven Brandt I think it took to long.  I will would balance the contract work and my work to help reduce the holding time. I was not fast at repairing drywall or interior paint. So next flip I will contract out he interior and exterior paint and maybe some demo. 

User Stats

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

@Duke Perry That is amazing. Let me know how it goes. 

User Stats

171
Posts
98
Votes
Xavier Randall
  • Insurance Agent
  • Lakewood, CA
98
Votes |
171
Posts
Xavier Randall
  • Insurance Agent
  • Lakewood, CA
Replied

@Daniel Andrews   Why is the real estate selling cost $20k? 6% of list price is only $13,500.

User Stats

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

@Tom W. The floors are luxury vinyl planks. They are water proof and come with a 30 year warranty. Yes about the floors. I think the repair cost is low because I did most of the work .    

User Stats

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

@Robin Reed Thank you

User Stats

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

@Jessica Wygal thank you

User Stats

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

@Alex Bekeza comps are around 215k plus. I have attended two home auctions and I live on Zillow and the MLS.

User Stats

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

@Dat Vu I did all the work except for the exterior paint. thanks

User Stats

156
Posts
73
Votes
Jessica Wygal
  • Real Estate Agent
  • Cypress, TX
73
Votes |
156
Posts
Jessica Wygal
  • Real Estate Agent
  • Cypress, TX
Replied

you did all the work?? even more impressive!

User Stats

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

@Jamal Jenkins Thanks just got a 215k offer. 5k closing

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User Stats

1,193
Posts
968
Votes
Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
968
Votes |
1,193
Posts
Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
Replied

@Daniel Andrews. If you've just been on market a short number of days, counter the $215K  Offer & $5K Closing Costs paid by Seller, with $220K And agree to pay the $5K. Buyer probably needs the Closing Costs paid to make the deal work. 

Good luck!

User Stats

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

@John S Lewis The house had 15 offers. The agent sent a best offer by x date. I had put in about 15 offers (before this house) on other homes and all sold for over asking price. 

User Stats

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

@Scott W. Thanks for feedback.