My First Flip in Florida! With Photos! The house is sold

[Nikolay Izmerli]

The really invaluable part of this experience has been education. I and my wife who was a designer of the project have learned a lot. We certainly made mistakes along the way, however understanding what went wrong provides important lessons for the future.

Purchase Price: $207,000

Closing Costs: $7,625

Labor: $27,800

Material: $33,510

Landscaping: $5,600

Staging: $2,000

Total project cost: $283,535

Sold: $304,500

Agent's commission: $8,840

Selling closing cost: $6,500

Given that some of the money was borrowed I have this project in the red. Well, you know that tuition and fees vary from college to college.

Now on to the photos:
Exterior Before:

Exterior After:

Interior Before:

Interior After:

Thanks for checking out my progress so far and good luck to all!

[Andrew Davis]

@Nikolay Izmerli thanks for sharing man! I broke even on my first flip and lost money on the second one, so you're not alone. The rehab looks incredible and you can chalk that loss up to a hands on education in REI.

Care to share - what did go wrong? Was the end value less, rehab more, or some combination of the two? What was the biggest surprise? How did you finance? How many days from entrance to exit? What’s next for you?