All Forum Posts by: Angelica Osusky

Originally posted by @Emre Görü:

@Angelica Osusky

Congrats! As a new starter (not even newbie). Now I'm trying to read listen everything I see about flipping houses.  I'm curious about your first experience also. 

First how did you find the property and how did you decide to buy it as a newbie?

Can you give us some of numbers please? Market ARV, Selling price, purchase Value, estimated rehab costs, actual rehab costs etc. And did everything go as you planned in the beginning?

@Angelica Osusky

Good luck for the future experiences.

Thank you! The property was actually right near my home, it had a sign out front and was at auction on hubzu. As for how I decided to buy it, I first ran the numbers to make sure it was even worth looking into further. Once I figure out that the numbers worked I went for it. Remember numbers don't lie. It was difficult assessing the ARV at first. But I found an agent to help me get comps from the MLS and thats how I came up with the ARV. I'd highly suggest working with an agent who is investor friendly and invest themselves. While bidding online it turned into a bit of a bidding war, it started at 48k and I won the bid at 52k. I will be sharing a post with pictures soon once the rehab is completed.

Numbers:

Purchase price: 55K (This includes closing cost, fees, and taxes)

ARV: 110-115K

Rehab cost: 25K with a 3 week rehab timeline.

For the most part everything has been going as planned. The closing took longer than expected. There were some unexpected things come up, as all flips will have. With mine, there was a leak in the basement and we had to replace the water heater, and the bathroom pipes were rotted out. But its been a great experience. The last week of the rehab is this week. Im excited to finally see the finished product. Feel free to message me if you have any other questions. Hope this helped!

Miyako Boyer welcome to BP! I am a newer member as well and hope to transition to full time real estate investor within the next few years! I've always had a passion for real estate and decided to dive in and I am almost done with my first flip! If you have any question, want to talk, I'd be happy too. I love connecting with other investors who have the same determination and drive as me! Goodluck!

@Mark Ferguson I admire you and your hard work. That's insane but I love it! I am a brand new 21yr old REI investor and I am almost done with my first flip. You inspire me! Hopefully I can be on your level some day. Keep it up, truly awesome.

@Marcin Chojnacki Looks great, congrats! 

I am not sure the difference from cooperative and non cooperative. I am not sure I heard that terminology before, can you explain a little more. On the topic of condos, I am actually doing my first flip on a condo (townhome) in Illinois. I original planned to either flip and sell or BRRR if you are familiar with what that is. I ran the numbers and it just didn't make sense to rent it out. I was hoping but numbers don't lie. I would suggest to run the numbers on the property! That'll tell you the real honest truth about what strategy to use.

Marquell Jones also may I ask how you came up with $20 multiplying it by the sq ft to equal your repair cost? Could you explain this?

Marquell Jones like many other people said, If those number don't work for you then walk away. He seems not to be motivated. In this industry of REI, you're looking for motivated sellers. You're trying to find win/win situation for both the seller and you. If they are motivated they arent going to want to negotiate and that's alright. Don't TRY to make a deal work. It either works or it doesn't. Of course you'll want it to work because your excited about getting a deal but do what right financially.

@Daniel Smith oh okay! Yeah, utilizing the BRRR strategy would be more beneficial then for my situation. My ARV is going to be nearly double my purchase price. But very good information and great to know for future references. Thank you!

Marshall,

Thanks for your reply. It's nice to know that I can still operate my business and invest if I'd like to in the colder months. Wish you and your business nothing but success! Thanks again.

@Daniel Smith I definitely will! Thanks for the suggestion. I am guessing you've used delayed financing before?