**official svtp flip thread**

[ZOSO]

I've been complementing starting this in Colorado, however I know everything is less in terms of purchase, repairs and profit.

No. Colorado is an aweful state!!!! Weather sucks, people suck, Housing sucks, and The KALIfornia government here really SUCKS!!!!!


But really tho the whole buy n flip thing is mostly over with around here. They are building new like crazy again tho.

 

[Blackness03]

That's like a 30k dollar house in this part of NC. lol. wow. Hope you do good on it. I have been flipping cars, bikes, jet skis, boats, whatever I can get my hands on at a good price. It pays OK. I have fun doing it. I really want to get into flipping houses because that's where the real money is. I've only done 1 so far and I had to live in it for a year (Just painted walls, fixed holes and made 30k before tax, fees, etc). Trying to find another one isn't easy here. Any tips? Seems like every time I find one it's already pending. Homes here are selling like hotcakes

 

[13COBRA]

Like everyone else said... that's crazy for a house that small haha

I wish I could pick my house up off the foundation and move it out there. I'd list it at $1.5m or so.

 

[Clemson]

I watch that Flip or Flop show, and they are out in Cali. They spent 500K on a total dump out there. Its mind boggling to me. I guess pay rates are through the roof there too, otherwise you would have to be mentally retarded to live there......you can buy a huge baller crib with acreage here for that kind of coin.

 

[brandonflood123]

Probably a 50k house at the most in tx

couldnt agree more. here in Texas that house wouldnt sell for much more then what you said. but i do know property is very expensive in California, esp depending on which city your in.

hope you come out on top OP

 

[el jefe 302]

No. Colorado is an aweful state!!!! Weather sucks, people suck, Housing sucks, and The KALIfornia government here really SUCKS!!!!!


But really tho the whole buy n flip thing is mostly over with around here. They are building new like crazy again tho.

Agreed.


Slight head nod.....

 

[klr16G]

In Cali housing prices suck I was born and raised in chicago IL and when I moved to cali for my union plumbing school I could not believe the shit holes people lived in for $400,000 looks good though op I'm in orange off the 55 and chapman.

 

[jconnor3]

Here is my first flip. Bought the house in February 2013 and finished in October of 2013. I did 100% of the work myself and lived in the house while I flipped it. Didn't have the savings to live somewhere else or pay someone to do the work. I did hire out painting the outside of the house, but that was it. I live in Indiana and the winters are terrible most of the time so I waited to put it on the market. Threw a "For Sale by Owner" sign in the yard for shits and giggles but nothing came out of it. Listed the house March 1st of 2014 and had it sold in 40 days. That was a LONNNNG 40 days, but in the grand scheme that was pretty good I think.

By the numbers. 3 bed 1 bath with full unfinished basement - location I would say is an 8 out of 10 so that helped me sell quicker I feel.

Sell Price - $149,450
Purchase price - $99,000
Realtor fees - $8,967
Reno Costs - $8,800
Total Net = $32,683 still need to remove long term capital gains tax out of this number so that's not total walk money.

Did I hit a home run and walk away with $75k...no, but I think it was a solid double.

All in all I think it went well. I loved doing the work and it was a financial success. Knock on wood it went fairly smooth. Purchased house #2 June 5th so I should have some bathroom before/afters shortly on the new house.

Here is house #1 - the before/after pics aren't the best, just quickly used the Pic Stitch app on my phone.

There use to be a wall here separating the kitchen and dinning room.

 

[TorchMach]

Probably a 50k house at the most in tx

Seriously? In a good/safe area? You guys find these prices too high and I find those prices so low it scares me lol, like something might be wrong.

Correct me if I'm wrong, but land in the LA area is very expensive.

Oooooh yeah. I have a client looking for a lot about 10 miles East of Downtown LA, cheapest I found was 7,000sqft lot for $125,000...

No. Colorado is an aweful state!!!! Weather sucks, people suck, Housing sucks, and The KALIfornia government here really SUCKS!!!!!


But really tho the whole buy n flip thing is mostly over with around here. They are building new like crazy again tho.

Aw man thanks for the heads up. It just looks like a really nice place vs here where there is no wild life. I want a vacation home away at least a hour away from big cities an naturally though of Colorado.. any recommendations?

That's like a 30k dollar house in this part of NC. lol. wow. Hope you do good on it. I have been flipping cars, bikes, jet skis, boats, whatever I can get my hands on at a good price. It pays OK. I have fun doing it. I really want to get into flipping houses because that's where the real money is. I've only done 1 so far and I had to live in it for a year (Just painted walls, fixed holes and made 30k before tax, fees, etc). Trying to find another one isn't easy here. Any tips? Seems like every time I find one it's already pending. Homes here are selling like hotcakes

That's awesome, post up some of your flips, from what another member posted it was a very small repair and sold it. That kind of stuff?

Finding homes to flip isn't hard, it's getting your offer accepted that is difficult. I see about 5 good investments a day, the trick is how to get them. If it is a Short Sale, (the seller is walking away empty handed) I'll offer a lower offer and put in a addendum offering the seller $10,000 in relocation monies, so of course the seller takes those. REO's aren't that popular now as those are bought in house 99% of the time. Then you have your standard fixer uppers which a few a week pop up, you just have to be on the game and get in early.

Hope that helps.

 

[TorchMach]

Very nice Connor! Came out great! Glad it worked out for you and that's a solid second base for sure. I count 15-25k first base, 25-45k second, 45 to 75 3rd base and anything after that is a home run lol

That nervousness you get when putting it on the market never goes away lol you count everyday, and when I hear the words "we funded" or escrow closed boom weight off my chest lol

 

[lobra97]

Nah not uncommon to find in decent neighborhoods in TX. I spent $85k on mine and its a good area. $643 mortgage FTW lol

 

[TorchMach]

Nah not uncommon to find in decent neighborhoods in TX. I spent $85k on mine and its a good area. $643 mortgage FTW lol

You have to be kidding me. If you don't mind me asking, how big is your home?
I just signed a 1yr lease for 1 bedroom for $1,150 a month lol (gated community but still) that's crazy....

 

[slow90coupe]

My latest little flips. I'm just a broke 18 year old kid so nothing amazing, but I started when I was 14 flipping cars.

97 Civic

Bought it like this

Sold it like this

Price paid- $2000
Invested in parts- $1400
Price sold for- $4700

Total Profit- $1300. And I drove the car for 5000 miles to and from school for a semester.

Most Recent project

2004 Subaru WRX

How I bought it-

How it looks now-

Price paid- $7500
Price in mods- $600 (the car came with a bunch of stuff that I sold)
Price I can get when I choose to sell- $13,500
Total profit- $6000, and I've put over 5,000 miles on it, and plan to drive it through college, then sell.

 

[ZincYellowGT281]

You have to be kidding me. If you don't mind me asking, how big is your home?
I just signed a 1yr lease for 1 bedroom for $1,150 a month lol (gated community but still) that's crazy....

I'm glad to see your doing well torchmach, it's been a while since you and I have spoken. I'm sure your in a nice area for that price.

I'm a Real Estate agent here in the Sacramento area, can't say I've found too many homes to flip. Although, I haven't forgotten about you torchmach, soon as I list a home that meets your requirements you will definitely be getting my call!

 

[nickf2005]

Correct me if I'm wrong, but land in the LA area is very expensive.

Land is a crazy "Commodity". We have 7 acres outside (East) of Indianapolis. We paid $65k for that acreage. I just saw 5 acres for sale North of Indy, about the same mileage from City-center. Looked it up on Zillow, and they're asking $350k. The North side is where all the mulit-million dollar homes are, and the acreage prices reflect that.

I'd much rather live in the "Poor" part of town, get more acreage, and build my 3,000+ sq/ft house for 40% less. Plus, I'm not raising my kids in "that" part of town where are the people are stereotypical snobs. Not all, just many.

 

[flattrack53]

Across the street from my house they sold a 157 acre farm for 26.5 million. 53 building lots are available and they range from 500-750k for a lot. so far about 15 houses have been built with in the past 2 years.

 

[TorchMach]

Wow slow90coupe that subi came out super nice, you get to enjoy the car and still sell for profit! Good for you trying to make a little extra on the side!

 

[TorchMach]

I'm glad to see your doing well torchmach, it's been a while since you and I have spoken. I'm sure your in a nice area for that price.

I'm a Real Estate agent here in the Sacramento area, can't say I've found too many homes to flip. Although, I haven't forgotten about you torchmach, soon as I list a home that meets your requirements you will definitely be getting my call!

Hey how's it going Zinc! Glad to hear from you, I look forward to that day! There's so many "investors" here it's crazy.

Across the street from my house they sold a 157 acre farm for 26.5 million. 53 building lots are available and they range from 500-750k for a lot. so far about 15 houses have been built with in the past 2 years.

Sounds like you are going to be getting a lot of neighbors, are you in a rural area? Those developments seem to be the new thing, condo's sell like hot cakes over here.

 

[TorchMach]

Land is a crazy "Commodity". We have 7 acres outside (East) of Indianapolis. We paid $65k for that acreage. I just saw 5 acres for sale North of Indy, about the same mileage from City-center. Looked it up on Zillow, and they're asking $350k. The North side is where all the mulit-million dollar homes are, and the acreage prices reflect that.

I'd much rather live in the "Poor" part of town, get more acreage, and build my 3,000+ sq/ft house for 40% less. Plus, I'm not raising my kids in "that" part of town where are the people are stereotypical snobs. Not all, just many.

Nick,

Why not split the land into 1 acre or less and sell for profit?

 

[nickf2005]

Nick,

Why not split the land into 1 acre or less and sell for profit?

Our 7 acres (all wooded) is part of a ~40 acre plot (85% wooded), divided 4 ways, and each plat is zone as mini sub-division already. The county did not want this piece of property to become a full-blown sub-division and neither did the original owner, whose son lives on one of the plots.

When we bought this we weren't looking to make money. We were looking for acreage in an accessible location to build a dream home. We are in a good school district, have plenty of acreage, and we're only ~20 minutes from downtown Indianapolis and 30 minutes from both of our work buildings. Plus, my buddy bought one of the plats as well, and built a house late last year (not shown in satellite view). It will be nice having each other close to help maintain the property... plus he's already talking about buying a John Deer tractor. :banana:

The main outline is the combined 4 plats. Ours is the bottom left. The circle is what we are going to clear (1 acre) and I have drawn in squares for 65'X65' house and 40'X60' shop.