All Forum Posts by: Jamie McCauley

Thank you!  We kept costs low by doing a most of the work ourselves. The house didn't really need any high-priced items.  Most of it was labor!  Cost me a bit of my sanity, though! haha

Thanks Mary1I'd love to stay updated on your flip! I'm sure if you are on these forums and researching you will do great! 

Congrats Brandon!  That sounds like a slam dunk flip!  I'm hoping to achieve numbers closer to that on my next flip as well.   I'd love to hear more of your process!  Did you hire a lot of that out?

Thanks Michele!  That really means a lot! We hope to keep documenting our flips in the future. We just started a new one actually!

Yes doing a lot of the work ourselves is how we keep the numbers down.  Saved us money, but cost us a little bit of our sanity!  I'm hoping if we keep doing these in the future to start building a team of people to help.  We also spent time shopping around for cheaper materials, which saved us money.  

Thanks again! 

I believe it was a pre-forclosure situation. We had to wait until a certain redemption period was over before title would let us close.  I tried wholesaling but was unsuccessful, so I'm glad I found someone who is good at it!  I can just stick to what I know best :)

@Sam Shueh I agree. With the HELOC you could survive a market correction by renting the property until it likely recovers. HMLs are a lot shorter and less forgiving

Sure Derrick!

We found the deal from a wholesaler in our area. Not just a wannabe wholesaler, but a legit one who has accurate ARV's(he was under by $1000 :)). I knew it was in a family-friendly middle-class neighborhood, so the resale would be easy.

For my repair estimates, I did estimates based off of previous renos i've done in the past on my own(personal) homes.  For example: In the bathroom, instead of writing out every line item, I estimated a max of 3k because we've done gut jobs for under that.  Nothing in the project was stuff I haven't seen before, so I had a pretty good idea.  

Funding was a combination of cash and a HELOC I had on a rental property. This kept the reno/holding costs low by avoiding mortgage fees.

Here's a number breakdown: 

Purchase Price: $144,000
Renovation Budget: $17,000 ($2,000 OVER)
Total: $161,000

Sales Price: $211,000
Net Profit(After Closing Costs): $33,000

Good point Michael.  We learned as we went what materials/choices were necessary and what we could do to save money.  Now I just need to find a team of reputable people who charge a fair price for their work.  

Thank you!

Thanks! And awesome, please share when you do!