All Forum Posts by: Will Menard

Wanted to share by success story of a recent flip here in Lafayette, LA. Bought the home for $119,500, 3 bedroom, 2.5 bath. The property was in much need of some TLC, everything had to brought down to studs. But we could see the opportunity and vision for this home the first minute we walked in the door. Within 2 minutes of seeing this property on the MLS, I had an offer submitted $10,000 above asking price and site unseen. Knowing the location and comps for this area definitely gave us the advance to move fast.

Construction was estimated to be around $90,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. With corona virus, increased lumber prices, a few hurricanes and a two day freeze (unheard of for our area), we ended up spending $127,000

Decided to list the home at $375,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 1.5 months before getting nice offer! SOLD.

Breakdown:

Duration - 9 months

Sells Price - $350,000

Purchase Price - $119,500

Construction - $127,000

Commission - $21,000

PROFIT - $$$

Wanted to share by success story of a recent flip here in Lafayette, LA. Bought the home for $130,000, 3 bedroom, 1.5 bath.

The property was very old, some parts on piers and some on slab, rooms added without proper ventilation cause mold and mildew. Construction was estimated to be around $70,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. Final construction budget came in at $83,000.

Decided to list the home at $285,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 3 days before getting nice offer! SOLD.

Breakdown:

Purchased: 9-6-17, Closed: 2-9-18

Sells Price - $279,000

Purchase Price - $130,000

Construction - $83,000

Commission - $13,900

PROFIT - $$$

Wanted to share by success story of a recent flip here in Lafayette, LA. Bought the home for $90,000, 3 bedroom, 2 bath. The property was hoarder house; definitely the worst we had ever seen.  There were neighbors who were worried about the trash and rodents inside the property but we happy to see someone take on the challenge of this distressed home.

Construction was estimated to be around $70,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. There were 6, 30 yard dumpsters of trash removed from the property!!!  Final construction budget came in at $73,000.

Decided to list the home at $235,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 1.5 months before getting nice offer! SOLD.

Breakdown:

Purchased - 2-20-17, Closed - 7-27-17

Sells Price - $224,000

Purchase Price - $90,000

Construction - $73,000

Commission - $11,500

PROFIT - $$$

Front - Before/After

Hall Bathroom - Before/After

Master Bathroom - Before/After

Dining - Before/After

Finished Kitchen

Wanted to share by success story of a recent flip here in Lafayette. Bought the home for $105,000, 3 bedroom, 2 bath. The property was a typical 1980's home unimproved since the original owners took over. These are the types of properties that we love to see because we can bring them back from the past!

Construction was estimated to be around $45,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. Final construction budget came in at $52,500.

Decided to list the home at $187,500 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 8 days before getting a full ask offer! SOLD.

Breakdown:

Purchased - 1/4/17, Closed - 4/18/17

Sells Price - $187,500

Closing Costs Paid by Sellers- $2,500

Purchase Price - $105,000

Construction - $52,500

Commission - $9,375

PROFIT - $18,125

Thanks guys and gals.

Wanted to share by success story of a recent flip here in Lafayette. Bought the home for $117,500 3 bedroom, 1.5 bath. The property was a typical 1960's home unimproved since the original owners took over.  These are the types of properties that we love to see because we can bring them back from the past!

Construction was estimated to be around $70,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. We added a shower to the master bath (1/2 bath originally) to maximize the value in the home. Final construction budget came in at $63,000.

Decided to list the home at $249,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The day before we went live on the MLS, we had an offer... a sellers dream world! We accepted the buyers price of $248,000 without hesitation!

Breakdown:

Sells Price - $248,000

Purchase Price - $117,500

Construction - $63,000

Commission - $12,400

PROFIT = $55,100!

@Brit Foshee - Property was on the MLS and we flip 3-4 a year at this time, hoping to do more and more.

Wanted to share by success story of a second flip here in Lafayette, LA. Bought the home for $87,000, 1329 sq ft, 3 bedroom, 1.5 bath as a succession purchase.  The family indicated to us it was the first house on the entire street dating back to 1965.  After looking under the carpets and paneling, we found pristine shiplap on the walls, ceiling and original hardwood floors... we immediately choose a cottage modern style for our design.  We kept as many walls exposed as possible except for the areas where we moved walls to make the house function properly.  Also, we made the 1/2 bath into a full, master bathroom increasing the value of the home!

Construction was estimated to be around $35,000. Almost everything was touched inside and outside of the house: electrical, floors, cabinets, tubs, drywall, septic, plumbing... you name it. Final construction budget came in at $40,000 (14% overage).

Decided to list the home at $159,900 based on the comps, location, etc. This area is a valuable one due to the great school zone. Within 4 days, we had 3 offers, a sellers dream world! We ended up getting an offer of $163,000 (with $3,000 towards closing) and without hesitation accepted! Over ask, fantastic.

Breakdown:

Sells Price - $163,000 (minus $3,000)

Purchase Price - $87,000

Construction - $40,000

Commission - $8,150

PROFIT = $24,500!

Timeline - 2 months to renovate, 4 days on market.

Thanks for your time - WH Renovations, LLC

@Nick Hundley - Appreciate it.

@Matt White - We use a construction loan in which we only pay interest on the loan until we sell the property (can be done for 12 months before it turns into a mortgage).

MLS.