Completed First Flip!

[Pennie Heath]

It is closing day tomorrow for our first flip!  We closed on the property 7/15/18, had to wait a month to get the renters out (their lease was ending), so 7 months from purchase to close but we had a few obstacles.

Purchase Price was $84K

Rehab and Carrying Costs  $35K

Sales price  $189,500.

We got a mortgage on the property and put 20% down (through HELOC). We saved and scraped for money for renovation and did get a loan from family to help at the end due to the fact that the day after we closed my company closed and I lost my job. I immediately started working again but for myself, so now I no longer have a W2 so doubtful I can get another loan for awhile.

I listed it myself on Flat fee MLS for $359.00 and we got an offer in 24 hours for full price. I wish we hadn't taken it because we got an offer for 4K over asking the next day! In my spare time *joke*, I've gotten my RE license, primarily to help us with our own investments. I don't intend to change careers, we are both working FT but from home and with great flexibility.

 So we learned some things.  First, your help is everything and we need new help for our next project.  Our GC turned it over to a sub to run and they were great for about a month and then started taking other projects and not showing up.  They cost us at least 3 weeks and much aggravation.  You get what you pay for and they were what we could afford at the time.  We hired the guy with the lowest bid to paint and repair the exterior and he did a terrible job.   We did what we could ourselves and did find some valuable help, i.e. an electrician, a hardwood floor person and a concrete person that were awesome.

We are looking for another property but may need a HML since I don't have a W2 anymore! We are in Memphis if anyone has any suggestions in that respect.

Before

After

Why are those pics such different sizes??  Oh well.  

That's our story,

Pennie