All Forum Posts by: Nurzhan Abenov

@Nurzhan Abenov Congrats on your first flip! Just a quick question, when I look at your numbers I'm seeing 127,000+5000+13500+6500+8800=160,800 in total expenses. Against a sales price of $179,000 that should leave you with a net profit of 18,200 not 13,500. Is there some expense line you left off or was your net profit actually 18,200?

Good catch. Forgot to include points were $3,330 and property tax arount $1200, and insurance $200

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Hi @Joseph M.:

We signed up for few local wholesellers email/text notifications. Once we got one we liked we contacted them. They set up open house we showed up with few other buyers. We made offer $2k more than asking price and got the property. First buyer had pre approval. We don't mind another condo, the problem is the low margin.. Here in Northern VA house prices are high, but eventually we would like to do house flip. I'm sure there is more money

1 Vote

Originally posted by @Natalie Schanne:

Nurzhan Abenov - How much time did you or anyone else put in “for free” to make this $13500 profit? What tips do you have for the future to close faster and/or get buyers who can afford the price? Waiting each 1 month at 10% interest cost you at least $1000.

Thank you for interesting questions. I was there everyday for 3-5 hours and on weekend 6-8 hours. So i spent at the site a lot of time. My wife helped me on weekends. Our intention was to learn as much as we can, so in the future it would be easier for us to estimate how much work new project needs. Waiting each month cost us around $1,100. I would suggest good pictures. I think staging helps (we didn’t stage though). Also I would suggest not to agree on the rock bottom price as we learned with potential buyer#2, that if something comes on inspection and you don’t have room the deal will fall trough. After the second deal fell trough we were considering converting the property in to rental and I start looking for financing. But luckily our RE agent found a buyer.

2 Votes

Originally posted by @Mauricio Salom:

Congradultion on your flip. When you say you used hard money did they fund they entire purchase price and rehab cost or just one of the two?

We had to put 25% down. We had cash for renovation so I figured it is not worth to borrow it. So we borrowed around $96K

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@David Cruice:

Thank you

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@Alexander Wardell:

Thank you and good luck

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@Jon Crosby:

Thank you

1 Vote

I would keep Supra :-)

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Hello BP

2 weeks ago we closed our first flip. I’ve been reading bp for over a year now and always enjoyed reading success stories. So decided to share ours.

We purchased 1bd condo in Fairfax VA. We used hard money. 10% and 3.5 origination points. Closed in 7 days.

Purchase price $127k

Downpayment $31,750

Closing cost $5k

Reno $13,500

Holding cost $6500

Asking price 185k, after 1 month lowered to 182k. Sales price $179k

Closing and comission $8,800

Net profit $13,500.

We found the deal off market. Previous owner was a heavy smoker and left behind all furniture and personal staff(that was part of the deal). So first three-four days was a lot of cleaning. We hired guys to take out the garbage. Than a lot of patching and fixing wall cracks and primering the walls. I bought oil based primer, which helped to eliminate strong smoke odor. Than we started with bathroom. It was gutted and all new tiles, bath tub, toilet bowl installed. Also we decided not to replace kitchen cabinets and just paint them white and replace formica counters with quartz and install backsplash. It turned out pretty well. Of course we made mistake: The property had an original windows but we decided just to clean and paint them. That was a big mistake, because I spent a lot of time on removing old paint, sanding and painting. It still didn’t turn out well. So on next project we decided to replace windows without even bothering to do make over.

We have done some work by ourselves, like painting and patching the walls. For bathroom and flooring we hired contractors. It took us 1 month and 3 weeks to renovate. Honestly we didn’t know where to start and what order we should follow. Luckily I have one friend who is reno business and he gave me an idea what should be done first and what to leave last. I think if I woudn’t mess with windows I could’ve save one week or so.

After we listed:

1 st contract came after 2 weeks on market. It fell tru because buyer couldn’t get finance. We lost 1 month.

2 nd contract fell tru after inspection and we coulnd find agreement on repairs. We accepted price of $174k and the buyer wanted another $2k. Because they wanted new windows and HVAC tune up.

3 rd contract went trough. Buyer requested to fix few issues based on inspection and few touches like add one more row of tiles in bathroom, replace couple minor things. Which cost me only 200-300 dollars and majority of it I was able to do by myself.

So from purchase day till closing day it took us 6 month. We learned a lot. Now looking for new project. Good luck bp fellows.

59 Votes

All Forum Posts by: Nurzhan Abenov

Nurzhan Abenov has started 2 posts and replied 39 times.

Post: First Flip done succesfully

Post: First Flip done succesfully

Post: First Flip done succesfully

Post: First Flip done succesfully

Post: First Flip done succesfully

Post: First Flip done succesfully

Post: First Flip done succesfully

Post: 0 to 7 Units in First Year

Post: First Flip done succesfully