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Updated about 5 years ago, 10/09/2019

User Stats

453
Posts
415
Votes
Ken Nyczaj
Pro Member
  • Investor
  • Grasonville, MD
415
Votes |
453
Posts

First Flip Completed Successfully! W/ Pics and Numbers

Ken Nyczaj
Pro Member
  • Investor
  • Grasonville, MD
Posted

My team and I sold our first flip today!

Started diving head first into real estate in the beginning of 2018 and haven't slowed down since. We found this deal from a DM Campaign. After a few campaigns with no results, one in May finally stuck. Biggerpockets has been an incredible source of information and this wouldn't have happened without the community.

Front view: (Packed the Prius full)

Rear: (Bay Grasses turned out great)

Kitchen:

Master Bath:

Roof:

Here's about 3300 letters that I proudly lick!

Numbers:

Purchase- $108,000

Rehab- $70,000

Holding- $3,200

Sold Price- $288,000

Profit about 27% off of sold price.

Thank you to all who helped me throughout the Journey, greatly appreciated. Now we are looking to put our 2nd and 3rd property under contract this month. Possibly even a fourth if I have any funds left! If you're in the Annapolis area, reach out anytime- I'm definitely looking to get some sort of master mind group together to bounce ideas off of!

  • Ken Nyczaj
  • User Stats

    53
    Posts
    23
    Votes
    Yasuha J. Dorce
    • Realtor
    • Miami, FL
    23
    Votes |
    53
    Posts
    Yasuha J. Dorce
    • Realtor
    • Miami, FL
    Replied
    Congradulations @Ken Nyczaj good looking first flip

    User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @Christian De La Rosa @Scott Kimberly @Sunil Nahata Thank you all

  • Ken Nyczaj
  • NREIG  logo
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    User Stats

    10
    Posts
    3
    Votes
    ROGER RAMIREZ
    • Investor
    • North Miami Beach, FL
    3
    Votes |
    10
    Posts
    ROGER RAMIREZ
    • Investor
    • North Miami Beach, FL
    Replied
    @Ken Nyczaj Hey Ken great job looks amazing!!! So would you say direct Mail is the best way to go about getting good leads?

    User Stats

    1
    Posts
    1
    Votes
    Mercedes Longoria
    • Euless, TX
    1
    Votes |
    1
    Posts
    Mercedes Longoria
    • Euless, TX
    Replied
    @Ken Nyczaj this looks amazing! Great job overall and especially that kitchen!

    User Stats

    17
    Posts
    6
    Votes
    Nola Akee
    • Real Estate Agent
    • Honolulu, HI
    6
    Votes |
    17
    Posts
    Nola Akee
    • Real Estate Agent
    • Honolulu, HI
    Replied

    @Ken Nyczaj Congrats! Great job, thank you for sharing, especially the DM part, it can get discouraging at times with direct mailing but so worth the follow up, time, and constant mailing to get to the ROI. So glad you never gave up, very inspiring and motivational. Keep moving forward!

    User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @Jarrod Gregory we called it the honey pot. @Aaron Farr I've definitely caught the bug! @Shawn Ward @Riley Billings @Shannon Beavers @Yelena Damsky @Sam Albert Thank you all.

  • Ken Nyczaj
  • User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @Shameka Williams that's right! @Brook Rieman Thank you, I'm definitely sleeping less and marketing more @Matt Honeyford Thank you for the comment.

    @Lana S. The seller was a traveling road service tech for a manufacturer who was never home. After receiving our 4th letter he called and asked us to look at his property since he was thinking of moving to Philadelphia where the companies HQ is at. 

    The property had not been updated, serviced or anything done since when it was built in the early 90's. For 20 years he was on the road for 80% of the year, and was just looking for a fresh start in life.

  • Ken Nyczaj
  • User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @Tristan Colborg Thank you.

    $70,000 on a 1200 SF Single Story Rancher

    - New roof, some new plywood underneath, architectural shingle, flashings, drip edge.

    - Blown insulation in attic

    - New deck

    - Crawlspace remediation and encapsulation- french drain, sump pump, blown insulation, vapor barrier, dehumidifier.

    - Landscaping front and back beds. French drain added to back yard near deck steps to drain stagnant water.

    - New HVAC, return lines, air handler, heat pump, condenser.

    - Wood floors throughout house except bathrooms

    - Primed/ Painted whole house, including cabinets and front door.

    -All new appliances + washer/ dryer, hot water heater, 3 stage water filtration process.

    - Custom Island

    - Granite countertop and new sink.

    - Custom trim and crown molding in kitchen and custom shiplap back splash.

    - Whole house installed recessed lights- around 30

    - All doors inside are new.

    - Guest bath- new vanity, mirror, toilet, tile floor, cast iron tub, tile surrounding tub with niche.

    - Master bath- new vanity (w/ toe kick light), mirror, toilet, tile floor, tile shower w/ custom glass insert and two shower heads with diverter and two niches.

  • Ken Nyczaj
  • User Stats

    11
    Posts
    4
    Votes
    Cierra Rose
    • Realtor
    • Cincinnati
    4
    Votes |
    11
    Posts
    Cierra Rose
    • Realtor
    • Cincinnati
    Replied

    Congrats to you!!

    User Stats

    16
    Posts
    5
    Votes
    Alan Eisenberg
    • Real Estate Broker
    • Long Island NY
    5
    Votes |
    16
    Posts
    Alan Eisenberg
    • Real Estate Broker
    • Long Island NY
    Replied

    Amazing job! Does anyone have a sample letter they could share. I am in New York trying to get into direct mail. Would really appreciate it.

    User Stats

    28
    Posts
    17
    Votes
    Mike Naccarato
    • Spokane, WA
    17
    Votes |
    28
    Posts
    Mike Naccarato
    • Spokane, WA
    Replied

    Wow the house looks amazing. It looks as if you've been doing this for a while. Did you have a background in real estate before you jumped into flipping houses? 

    User Stats

    6
    Posts
    3
    Votes
    Lizanette Velez
    • Rental Property Investor
    • Fort Lauderdale FL
    3
    Votes |
    6
    Posts
    Lizanette Velez
    • Rental Property Investor
    • Fort Lauderdale FL
    Replied

    Congrats!!! Very inspiring!  Thanks for sharing and keep up the amazing work.  You and your team have a very good eye for design. 

    What was your biggest lesson learned and what would you have done diferently?

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    User Stats

    295
    Posts
    75
    Votes
    Leland S.
    • Developer
    • LA, Nashville TN
    75
    Votes |
    295
    Posts
    Leland S.
    • Developer
    • LA, Nashville TN
    Replied

    @Ken Nyczaj - Very nice work man! I'm curious of the breakdown by room of your remodel if you have it. Like to compare what my estimates are and to my first flip. I'm budgeting for a flip right now and want to make sure my numbers are in line. Did you use a GC or were you the GC?

    User Stats

    10
    Posts
    1
    Votes
    Missy Mercer
    • Chicago, IL
    1
    Votes |
    10
    Posts
    Missy Mercer
    • Chicago, IL
    Replied
    @Ken Nyczaj Totally inspirational for a newbie (like me). Thanks for the pics.

    User Stats

    1
    Posts
    1
    Votes
    Replied
    @Ken Nyczaj thats good stuff!

    User Stats

    18
    Posts
    13
    Votes
    RodTra Smith
    Pro Member
    • Rental Property Investor
    • Red Oak, TX
    13
    Votes |
    18
    Posts
    RodTra Smith
    Pro Member
    • Rental Property Investor
    • Red Oak, TX
    Replied

    Way to go!

  • RodTra Smith
  • User Stats

    8
    Posts
    3
    Votes
    Jimmy Lowe Jr
    • Flipper/Rehabber
    • Essex County, NJ
    3
    Votes |
    8
    Posts
    Jimmy Lowe Jr
    • Flipper/Rehabber
    • Essex County, NJ
    Replied

    Congrats ! It came out great ! 

    User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @DJ Dawson yea man. DM is how it all happened. @Matt Berklacy thank you, persistence is one of the most important traits in investing I've come to realize. @Darrius M. thank you! @Toby Ima @Jefferson Gan @Knifie Burks Thank you all!

  • Ken Nyczaj
  • User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @Courtney M. Appreciate it!

    @Account Closed

    I cannot say the success came from any one resource in particular, but from the collection of knowledge I have become obsessed with since the beginning of 2018- it is a mixture of podcasts, books, forums, blogs- with podcasts and forums being the base for my knowledge. If you're not already, become obsessed with RE investing, if you're not obsessed then it may not be your path.

    It cannot be underestimated that I had the right team in place. So much at BP emphasizes building a team around you- on my team the main contributors were a GC and a partner with good credit and bookkeeping/ tax skills. I am our acquisitions manager. Find partners who make-up where you lack at, If you're looking for a GC, go to the gym, a lot of them hit the gym first thing in the morning at 5 am- the other LLC I'm a part of has me and one other gentlemen who is one of the top GC's in my area. We haven't closed on a deal yet, but when we do, I know it will be successful due to his knowledge.

    Books will get your mind set to be consistently thinking about investing, bettering yourself, having the right mindset. Here are some books I'd recommend to read in order:

    1) miracle morning (it got my mindset to be unstoppabley positive, and I wake up at 2:45am most morning and dominate my days, I do go to bed at 9pm though which is great, for me nothing productive happens after 9pm)

    2) Cashflow quadrant then rich dad poor dad (it will get you in the investor mindset)

    3) Millionaire real estate investor (helped me figure out why I want to get into real estate)

    4) Jay Scott book on flipping or Brandon Turner's book on rental properties (find what you're niche is)

    5) Think and Grow Rich (everything in that book just made sense to me. Thought, Desire, Faith, Imagination- it is where everything we know made by man/ woman comes from) (it's a tough read but BELIEVE in the process)

    Podcast 108, Podcast 226 Some of my favorite podcasts for motivation. Investing isn't about buying things only for yourself, it's about taking care of those around you. "Make it, earn it, build it, and then you give it away"

  • Ken Nyczaj
  • User Stats

    34
    Posts
    9
    Votes
    Costa Deir
    • Watertown, NY
    9
    Votes |
    34
    Posts
    Costa Deir
    • Watertown, NY
    Replied
    @Ken Nyczaj thanks for sharing! How much of your own cash did you have in the deal?

    User Stats

    6
    Posts
    2
    Votes
    Patrice Kirk
    • Accountant
    • Laurel, MD
    2
    Votes |
    6
    Posts
    Patrice Kirk
    • Accountant
    • Laurel, MD
    Replied

    How much did you spend on DM for the 3K mailers you sent out?

    User Stats

    453
    Posts
    415
    Votes
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    415
    Votes |
    453
    Posts
    Ken Nyczaj
    Pro Member
    • Investor
    • Grasonville, MD
    Replied

    @Ozzy Sirimsi @JACOB TURNER @Karl Schnitzer bank financing at short term of 12 months, 6.25% interest only with a 25 year term @Antonio NA thanks @Felipe Carvalho @Peter Padalino good luck!, it's all about persistence and the right mind set.

  • Ken Nyczaj
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    User Stats

    84
    Posts
    51
    Votes
    Brad Braun
    • Realtor
    • Charleston, SC
    51
    Votes |
    84
    Posts
    Brad Braun
    • Realtor
    • Charleston, SC
    Replied

    Congrats man!  That looks like a super professional flip and you've done a great service to that home!  WTG!!!

    User Stats

    17
    Posts
    7
    Votes
    Replied

    Wow congratulations. It is such a great feeling to have your first flip be a success.

    User Stats

    2
    Posts
    2
    Votes
    Replied

    Wow!  Great Job.  Just dove into business and looking for my first house to buy and flip.  Keep up the great work.