Hey Fellas,
After talking to a few members we thought it would be cool to start a Flip Thread. Basically whether you are flipping house's, car's, whatever post it up. I think we could all learn from and help out other members with our flips and experiences. For example I know next to nothing about flipping cars, but know a good deal about flipping houses.
So here we go. Post up what you got!
I got the keys to this house on 4/25/14. I bought it in this condition:
Mid way, I didn't take many pictures with this one but will start again for the thread.
How it looks now:
We are almost done with it, with minor details left. I expect to put it on the market "officially" on Sunday. I have it pending as of now but the buyer might not work out. I'll post up pictures when it's finished later in the week.
I wanted to create this thread for people can learn not just "show off" what they are doing. I would like to know how you did it as well! So here's how I did it.
Bought this house via Short Sale (owner was losing the home and cut a deal with the bank) bought it at $257,000 and put about $29,000 total into it. I am putting it on the market for $365,000. (I'll provide a link to a public website later in the week). I am a Realtor so I look up deals daily versus someone not in the business, you will need to find a agent willing to fish for you.
Purchase: $257,000 (no financing costs on this one)
Repairs: $29,000 (new electrical, plumbing, restroom(s), kitchen, paint, doors, etc)
ARV $ 365,000 (I have it in escrow however might put it back on the market)
Minus Real Estate Fees $ 18,000
Closing Costs $ 8,000
Gross profit $53,000 (not net because of taxes)
Also, it might be less in case buyer request closing costs. In many cases we will finance the homes to spread our capital so you would have to calculate financing costs which would have been around $20k alone.
Hope this gives you guys an idea of what actually goes into flipping a house. It's also not all win, I lost $18,000 on one earlier this year.
Ruben:beer::beer::beer:
After talking to a few members we thought it would be cool to start a Flip Thread. Basically whether you are flipping house's, car's, whatever post it up. I think we could all learn from and help out other members with our flips and experiences. For example I know next to nothing about flipping cars, but know a good deal about flipping houses.
So here we go. Post up what you got!
I got the keys to this house on 4/25/14. I bought it in this condition:
Mid way, I didn't take many pictures with this one but will start again for the thread.
How it looks now:
We are almost done with it, with minor details left. I expect to put it on the market "officially" on Sunday. I have it pending as of now but the buyer might not work out. I'll post up pictures when it's finished later in the week.
I wanted to create this thread for people can learn not just "show off" what they are doing. I would like to know how you did it as well! So here's how I did it.
Bought this house via Short Sale (owner was losing the home and cut a deal with the bank) bought it at $257,000 and put about $29,000 total into it. I am putting it on the market for $365,000. (I'll provide a link to a public website later in the week). I am a Realtor so I look up deals daily versus someone not in the business, you will need to find a agent willing to fish for you.
Purchase: $257,000 (no financing costs on this one)
Repairs: $29,000 (new electrical, plumbing, restroom(s), kitchen, paint, doors, etc)
ARV $ 365,000 (I have it in escrow however might put it back on the market)
Minus Real Estate Fees $ 18,000
Closing Costs $ 8,000
Gross profit $53,000 (not net because of taxes)
Also, it might be less in case buyer request closing costs. In many cases we will finance the homes to spread our capital so you would have to calculate financing costs which would have been around $20k alone.
Hope this gives you guys an idea of what actually goes into flipping a house. It's also not all win, I lost $18,000 on one earlier this year.
Ruben:beer::beer::beer:
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