OfflineBought a HUD home 4 bed/ 2 bath ranch 1800 sq. ft. with full basement. Purchase price of $55K. This house was the ugly, but I sure did see the potential! New siding, gutters and windows. Gutted the kitchen and both bathrooms. New maple cabinets in kitchen with granite tops, tile floors and recessed lights. Bathrooms new everything also. Updated some of the wiring in the house along with plumbing. Kept original hardwood in part of house and installed new carpet in backside of house where old carpet was previously. Painted the entire house to cover up the yellow and purple walls! New doors, fans and much more. Total rehab cost of $45K.
Listed house with my realtor and was in contract in 2 weeks! Sale price of $132K CASH and I am still smiling!
Profit of $20K at closing which was yesterday after all costs, commission etc!! Every deal is so exciting and I am ready for the next one!!!!!!
Ryan
Cub keep'em flowing, you're doing fantastic!!
Congrats and great job!!!
Raymond
Great Job. Did you close on the other one yet? Still working on this one, decided to rehab everything, so will spend about 6K, & it will take another 2 weeks but will sell in low to mid 70's.
Passed on a couple of 20K houses this week, I'll let you know what comes
up.
Great job!
On to the next!
Karen
"You're never too old to be what you were meant to be!"
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"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
So, What was/is the FMV or ARV on this property? Have any before and after pics? Was this in OH area? Was the 45K an out of pocket expense or did you use hard money? How did you work the financing(up front money for repairs)?
Keep up the great deals and off to the next one!!!!!
Josh
congratulations! now on to the next one!
Linda, Army EOD Mom
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IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
Ryan,
I bow to you. Excellent!
Oh yes, more details please.
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
You rocked it Ryan, good stuff! Did you do any of the work or sub it all out? Congrats and on to the next!
SEMPER FI
GET SOME!
Congat!
That is the way to go!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Artistic Mind 83 and Living on Real Estate thanks so much for the kind words!
Awesome Job! On to the next one.
Thanks again Gary and I appreciate it! Closing on the Fannie Mae house April 27. Excited to get things going. So you decided to do a full rehab on the house! That's great, you will get a nice return on this one. Let me know how things turn out. Talk to you soon!
Great job! This will give you more momentum to keep at it, and please keep sharing all the success so that we can all celebrate with you
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Nice Job! keep going!!
"Don't tell me I can't, Tell me how I can."
Ryan, do you do the rehab yourself or do you sub out?
Thanks
Raymond
Way to go Ryan!
Keep on Flipping!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Masseur07 and Karen thanks so much. I appreciate it!
Congrats, what a profit!
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Thanks! The house was located in north/ central Ohio close to Lake Erie where I live. Golf course across the street and marina down the street. I figured the ARV on the house would be 135K when I bought the house. Listed it for $136K and settled at $132K. Yes, I always take before, during and after pics of all my flips. The rehab money was half cash of mine and I used the other half from HELOC I have.
nothing like a diamond in the rough!
how long did the rehab take?
thanks for sharing! looking forward to hearing more of your deals,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thanks so much! I appreciate it! I did do some of the work myself along with the rest of my team which includes a contractor, electrician, painters, drywallers and a laborer. I did hire out the siding/gutters to a friend of mine who does this for a living. This was such a huge renovation that it took the whole team to do alittle bit of everything!
wow ohh wow, cant wait to start on my first deal! good for you and please keep posting ; )
I'm new to this site. This was encouraging.
Excellent return on investment! Way to make it happen!
Thank you monzello, femailceo and csjenkins for all your kind words! I appreciate!
Way to go Ryan! Tomorrow I put my first offers in. I have 8 that we're currently looking at. I'll just be happy for the 1st. Keep up the good work.
Andrew
Diverse Real Estate Solutions, LLC
diverserealestatesolutions@****
My immediate thought was that you must have one heck of a good team. You could not do all the work yourself so can you tell us how many people worked with you from beginning to end of the deal. How does that break down and who else got paid in the deal? Were those payments and fees figured into the rehab costs?
Congrats Awesome Job!!
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12