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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

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

    @Scott W. Holding costs were $3200, held for 90 days and approximately $1060 a month. I separate out holding costs and closing costs.

    Holding costs included interest on mortgage, taxes, insurance, electric bill, sewer, water, HOA, etc

    Closing costs, title company fees, government fees, bank origination fees, etc.

    Here are the numbers:

    Purchase $108,000

    Closing $8,000

    Rehab $70,000

    Holding $3,000

    Selling Costs $6,000

    RE Agent Fees $17,280

    Sale Price $288,000

    Profit $75,720 

    I'm a 30% owner, there is another 30% and another 30%. A lawyer is a 10% owner. A lot of people for the flip, but hey the numbers worked. We split the profit as a percentage of ownership- we are an LLC being taxed as an S-Corp so we are receiving a payroll plus distributions. That's how our CPA set us up, maybe it works better that way in Maryland

    I put up cash and the other 30% partner put up his cash plus cash for our GC who is a 30% owner and the lawyer put up 10%.

    Hope this answers your question.

  • Ken Nyczaj
  • 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

    Thank you that is very helpful!

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    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

    @Jeff C. Thank you, it was definitely a good first purchase. We are expanding our marketing to do more deals like this. We are starting to hire people locally to do the envelope work for us and with try to reach 5,000 mailers every other month.

    @Lenny Grimes Thank you @Gay Lloyd

    @Steve Judkins @Rashaad Harper Thank you

  • 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

    @David Joynes Specific database- tax delinquent, eviction records, high equity, D4D's. A few ways we are compiling our lists.

  • 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

    @Alan Eisenberg you’re welcome.

  • Ken Nyczaj
  • User Stats

    48
    Posts
    14
    Votes
    Addison Guyse
    • Rental Property Investor
    • St. Louis, MO
    14
    Votes |
    48
    Posts
    Addison Guyse
    • Rental Property Investor
    • St. Louis, MO
    Replied

    Hi Ken, forgive me if you've already answered this question, but how did you fund the deal.....oh and how did you meet your partner and structure the equity partnership?

    User Stats

    48
    Posts
    14
    Votes
    Addison Guyse
    • Rental Property Investor
    • St. Louis, MO
    14
    Votes |
    48
    Posts
    Addison Guyse
    • Rental Property Investor
    • St. Louis, MO
    Replied

    I just noticed you answered part of my question in your reply to Scott W

    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

    @Addison Guyse to fund the deal we got bank financing, 12 month interest only at 6.25%. 20% down on the purchase price of the house and we paid for the rehab and closing costs out of pocket. I was on the hook for 30% of all costs since that was my equity stake.

  • Ken Nyczaj
  • User Stats

    26
    Posts
    23
    Votes
    Scott Moulton
    • St. Louis, MO
    23
    Votes |
    26
    Posts
    Scott Moulton
    • St. Louis, MO
    Replied

    Congrats Ken! Love to see there are still new investors getting into the flipping game. Hope to join you soon!

    User Stats

    5
    Posts
    1
    Votes
    Latoya Bishop
    • Boston, MA
    1
    Votes |
    5
    Posts
    Latoya Bishop
    • Boston, MA
    Replied

    Great job!! 

    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

    @Scott Moulton Thanks Scott! Best of luck to you. Just focus on finding a great deal and the rest will fall into place.

  • 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

    @Latoya Bishop appreciate it!

  • Ken Nyczaj
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    User Stats

    5
    Posts
    2
    Votes
    Thomas D.
    • Real Estate Agent
    • Annapolis
    2
    Votes |
    5
    Posts
    Thomas D.
    • Real Estate Agent
    • Annapolis
    Replied

    Motivating! Also in the Annapolis area!

    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

    @Thomas D. There is a good meetup in Anne Arundel County, you can find it if you google Real Estate Anne Arundel County Meetups.

  • Ken Nyczaj
  • User Stats

    5
    Posts
    2
    Votes
    Thomas D.
    • Real Estate Agent
    • Annapolis
    2
    Votes |
    5
    Posts
    Thomas D.
    • Real Estate Agent
    • Annapolis
    Replied

    @Ken Nyczaj will look into that appreciate it!