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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

8
Posts
1
Votes
Duke Perry
  • Suwanee, GA
1
Votes |
8
Posts
Duke Perry
  • Suwanee, GA
Replied

We are hoping to get our LLC this week and find a property to flip in the next month Daniel in Gwinnett County. Very excited and hope to have a hard money investor figured out this week on who has the best offer.

Thanks,

Duke

User Stats

24
Posts
7
Votes
Tom W.
  • Michigan
7
Votes |
24
Posts
Tom W.
  • Michigan
Replied

Congrats! Looks great.

What type of floors are those? I see you have them throughout the whole property. Is that typical in your area? I'm in the Detroit area and that might not work here. Also, great numbers. Area those numbers typical on a flip there? 

All the best!

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CV3 Financial
|
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User Stats

1
Posts
1
Votes
Robin Reed
  • Vendor
1
Votes |
1
Posts
Robin Reed
  • Vendor
Replied

Wowwww... Chin dropping flip. 

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

BEAUTIFUL job!! 

User Stats

2,215
Posts
1,245
Votes
Alex Bekeza
Lender
  • Lender
  • Los Angeles, CA
1,245
Votes |
2,215
Posts
Alex Bekeza
Lender
  • Lender
  • Los Angeles, CA
Replied

@Daniel Andrews  The work looks amazing! Congrats! What do the comps look like? and most importantly have you located your next flip?!

business profile image
Investor Property Loan
5.0 stars
242 Reviews

User Stats

2
Posts
1
Votes
Dat Vu
  • Realtor
  • Miami, FL
1
Votes |
2
Posts
Dat Vu
  • Realtor
  • Miami, FL
Replied

Very nice turn around. Beautiful photos and work. Did you do all the work yourself? Where did you find your contractors? 

User Stats

5
Posts
0
Votes
Replied

Nice @Daniel Andrews now you gotta get it sold the sooner the better. Keep us updated. 

User Stats

166
Posts
46
Votes
John S Lewis
Pro Member
  • Jackson, NJ
46
Votes |
166
Posts
John S Lewis
Pro Member
  • Jackson, NJ
Replied

@Daniel Andrews how come you paid over asking? Is the market that hot down there?

User Stats

1
Posts
0
Votes
Norman Williams
  • Desoto, TX
0
Votes |
1
Posts
Norman Williams
  • Desoto, TX
Replied

Congrats looks great...Good luck on the sale..

User Stats

52
Posts
0
Votes
Luis Rivera
  • New York, NY
0
Votes |
52
Posts
Luis Rivera
  • New York, NY
Replied

Hey David seems like you did a great job. Should be able to sell fast bc of a job well done. Good luck and thanks for the spreadsheet info

User Stats

104
Posts
8
Votes
Amy C.
  • Philadelphia, PA
8
Votes |
104
Posts
Amy C.
  • Philadelphia, PA
Replied

It looks lovely!  I would be very tempted by it!  Kudos for taking the leap.

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

5 month rehab for cosmetic? seems a bit long. but the real shocker is 26k to do all of that. again, cosmetic but still. must have not pulled permits. as you know, it's not a completed flip til it closes and you get the check. :)  $50k sounds awfully high of a profit. you'd think there would be more higher offers when you bought with that much spread.  keep us updated or share the link to the listing. looks nice! remember, showings are just the start. you need offers then hope they don't back out (most don't but some do) then pass home inspection then appraise then close. lot of hoops to jump thru still.

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User Stats

38
Posts
4
Votes
Monica Diaz
Pro Member
  • Investor
  • Fort Lauderdale
4
Votes |
38
Posts
Monica Diaz
Pro Member
  • Investor
  • Fort Lauderdale
Replied

Wonderful job!  Really, I should know, as I've seen some rehabs that were so cheaply and unattractively done that I didn't pursue in purchasing when I was searching in Orlando to buy and rent. 

Very proud of you and continued success!

  • Monica Diaz
  • User Stats

    12
    Posts
    4
    Votes
    Eric Weidner
    • Lender
    • Denver, CO
    4
    Votes |
    12
    Posts
    Eric Weidner
    • Lender
    • Denver, CO
    Replied

    Well done sir! Keep us posted. Looks great. 

    @Daniel Andrews

    User Stats

    8
    Posts
    1
    Votes
    Daniel Dingess
    • Tacoma, WA
    1
    Votes |
    8
    Posts
    Daniel Dingess
    • Tacoma, WA
    Replied

    Very nice job on this one. The house looks great and the numbers even better. Keep up the great work.

    User Stats

    2,299
    Posts
    2,284
    Votes
    Matthew Irish-Jones
    Property Manager
    Agent
    • Real Estate Agent
    • Buffalo, NY
    2,284
    Votes |
    2,299
    Posts
    Matthew Irish-Jones
    Property Manager
    Agent
    • Real Estate Agent
    • Buffalo, NY
    Replied

    Great looking property, good luck!

    • Matthew Irish-Jones
    business profile image
    Irish Jones Realty
    4.8 stars
    43 Reviews

    User Stats

    253
    Posts
    255
    Votes
    Matthew Nicklin
    Agent
    Property Manager
    • Real Estate Agent
    • Woodstock, GA
    255
    Votes |
    253
    Posts
    Matthew Nicklin
    Agent
    Property Manager
    • Real Estate Agent
    • Woodstock, GA
    Replied

    Looks great! Congrats on your first flip. I live over in Woodstock and do a lot of deals around Cobb and Cherokee county. Would be open to talking to you sometime about some deals. Keep up the great work! 

    User Stats

    22
    Posts
    10
    Votes
    Eric Paul
    • Atlanta, GA
    10
    Votes |
    22
    Posts
    Eric Paul
    • Atlanta, GA
    Replied

    Awesome flip!!! Canton is hot right now!!! Is it near the new hospital? I'm in Holly Springs and love the area.

    User Stats

    3
    Posts
    0
    Votes
    Eddie White
    Pro Member
    • Wholesaler
    • Knoxville Tennessee
    0
    Votes |
    3
    Posts
    Eddie White
    Pro Member
    • Wholesaler
    • Knoxville Tennessee
    Replied

    House looks great.  Staging might bring a sooner offer at higher price.  

    Account Closed
    • Rental Property Investor
    • San Diego, CA
    6
    Votes |
    25
    Posts
    Account Closed
    • Rental Property Investor
    • San Diego, CA
    Replied

    great job brother, that looks gorgeous!

    User Stats

    1
    Posts
    0
    Votes
    Replied

    Good Job! Daniel congrats on your flip Beautiful Home..

    User Stats

    8
    Posts
    19
    Votes
    Cy Saelens
    • Rental Property Investor
    • Los Angeles, CA
    19
    Votes |
    8
    Posts
    Cy Saelens
    • Rental Property Investor
    • Los Angeles, CA
    Replied

    The only extra thing I would do is stage the home. Probably different in GA but here in CA, money invested in staging is always worth it and helps sell homes faster and for more. 

    Everything else is perfect and your remodeling looks great. Did you change the floorplan (add an extra bedroom for instance)? Because going from $125k to $225k (+80%) in house value is a tremendous forced appreciation (unless you bought it way underpriced). Does the recent sales in the area support your selling price? 

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    User Stats

    24
    Posts
    9
    Votes
    Charisse Daving
    • Chatsworth, CA
    9
    Votes |
    24
    Posts
    Charisse Daving
    • Chatsworth, CA
    Replied

    Hi Justin , the house is awesome and well done.  My husband andI  have 2 rental properties in Georgia, we are living  in California.  We would love to do a flip one day but I feel it is an additional risk if you aren't living close by the house  that you are flipping.   Right now we have a good contractor that is pretty reliable out in the  Woodstock area.  Would you recommend getting involved in doing a flip if we do not live in the state?  I would love to hear your feedback.

    Thanks,

    Charisse

    User Stats

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

    Thanks @Walter Key I will contract out the stuff that took me way to long. haha. Like repairing drywall. I just got an offer today for 215k

    User Stats

    47
    Posts
    13
    Votes
    Constance Chambers
    Pro Member
    • Rental Property Investor
    • Athens, GA
    13
    Votes |
    47
    Posts
    Constance Chambers
    Pro Member
    • Rental Property Investor
    • Athens, GA
    Replied

    thanks for revealing your rehab numbers, we live in Athens... just made offers today on 2 homes ( 1 off market & 1 MLS duplex) how did you find contractors? that seems to be a big issue in Athens, everyone is backed up... is that what held up your rehab times?

  • Constance Chambers