Hello all,
I have been lurking for a few months now. My wife and I have been buy and hold for awhile but wanted to start flipping some properties. We purchased this 4/2, 1600sqft brick ranch in South Augusta GA off the MLS with a low ball offer that was accepted at $37K. We knocked out walls, re-designed the kitchen and updated everything. We did a lot of the work ourselves but subbed out all the heavy lifting (windows, cabinets, plumbing, etc). We purchased the property on 3 October 2015, listed on 15 NOV for $106,500 and had multiple offers on first week that drove price up to $108K. Closed on Dec 31. 89 days total.
Purchase price: $37,000
Rehab/holding: $33,000
Sales Price: $108,000
Sales cost: $10,000
Net profit: $28,000
We have purchased two more properties, one of them directly across the street. We just walked over to introduce ourselves and after a few visits, brought he older homeowner over to see our progress and offered to buy his home and he accepted (for $35K). We are using general contractors for the two properties that are under way. We want to be able to sustain as a business model doing a few properties at the same time without too much hammer swinging. I am full time Army Officer and wife stays home with three little kids. We are lucky because we have two contractors that we can trust and are good. I will keep you updated on the progress!
