Flipped my first house - Page 4 - Mercedes-Benz Forum

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post #31 of 48 (permalink) Old 08-23-2006, 08:36 AM
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Originally Posted by lovemyc280
Good job!

I am in the middle of my second one now. I have worked non stop for almost 2 months. I just finished laying tile in the kitchen about 20 minutes ago. I will grout it tomorrow.

Bought this one for 188k, putting in almost 20k and will put back on the market (next week I hope) for 300k. Comp homes in area are asking 310-350k. I just want to move it fast, especially since the market has slowed down. 2500 sq ft, 1/4, corner lot with pool. What a dump this thing was when I got it, absolutely gross! The place smelled like cat pee and the pool looked like the black lagoon. I still can not get over the blue pool I have now.

Every single thing is brand new in this house at this point. I still have to install the granite counters, put in some baseboards, tile the laundry room, and then do some light trim work and then I am finally finished. The fence is getting put up tomorrow (got all the wood for that today too.) Carpet goes in this Friday as well!

I'm so glad this is almost done, I'm whipped. I love the process, but at this point after having only two days off in two months I am about ready to slice my wrists......I'm ready to be done! The money is great though, there is no doubt about it. I think the main thing is not to panic buy, have it inspected and whatever your projected budget is add another 5k and 2-3 weeks onto that! I am not afraid to make insanely low offers either.

This one fell right in my lap; I stopped at a garage sale and found out the owners were getting divorced and would be selling soon. I made them an offer the next day.
Will you even break even after deducting the value of your time and effort?

Don't believe everything you think
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post #32 of 48 (permalink) Old 08-23-2006, 08:46 AM
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I'm gonna give it a try soon

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post #33 of 48 (permalink) Old 08-23-2006, 10:49 AM
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Originally Posted by Jayhawk
Will you even break even after deducting the value of your time and effort?
No, none of it was worth it at all. After all that hard work, all I'm left with is nice sized check. Once I deduct my work I put into it, I'll realize that it just was not worth it. Thanks for pointing it out to me. Maybe two/three more flips and I will be able to pay my mortgage off. Sadly once I deduct the work from those flips, I really won't have jack squat. I guess I'm just a glutton for punishment. I better stop it all now huh?
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post #34 of 48 (permalink) Old 08-23-2006, 10:52 AM
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Originally Posted by the clk man
The house has central air and heat no basement no garage its a nice little house. as far as acreage for hunting and a cabin in our town there is a 500 acre hunting lodge with a giant lodge for sale with a lot of exotic animals good deal for a hunter

That sounds like a good first flip. My first flip I paid too much for and was 1900 sq ft with a pool. Took me a month to wrap up. But I made a tad under 30k. I learned a lot from that house, and learning more from the one I am working on now.
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post #35 of 48 (permalink) Old 08-23-2006, 10:54 AM
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Good luck.

Report out today that sales of pre-existing homes are at a 2.5 year low.

Better flip those houses quickly.
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post #36 of 48 (permalink) Old 08-23-2006, 10:58 AM
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Originally Posted by baby boo
Good luck.

Report out today that sales of pre-existing homes are at a 2.5 year low.

Better flip those houses quickly.
The homes are sitting much longer now but they are still selling. Most of the homes in my sales price range are 20 plus years old and look like it. I refurbish the home(s) and make them look brand new. Then price them 10-50k under what everybody else is asking for the comps.
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post #37 of 48 (permalink) Old 08-23-2006, 12:54 PM
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Originally Posted by lovemyc280
No, none of it was worth it at all. After all that hard work, all I'm left with is nice sized check. Once I deduct my work I put into it, I'll realize that it just was not worth it. Thanks for pointing it out to me. Maybe two/three more flips and I will be able to pay my mortgage off. Sadly once I deduct the work from those flips, I really won't have jack squat. I guess I'm just a glutton for punishment. I better stop it all now huh?
I think you're overworked love... I didn't mean anything bad, just asking a reasonable question. If I had to put in all that sweat-equity, I would feel like a loser. But if you enjoy the work, and you value your time at a low enough rate then you obviously are doing the right thing--for you. Knock yourself out!

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post #38 of 48 (permalink) Old 08-23-2006, 12:57 PM
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Good luck.

Report out today that sales of pre-existing homes are at a 2.5 year low.

Better flip those houses quickly.
Too late now, but hold them for a year and I think the market will come back strong.

Don't believe everything you think
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post #39 of 48 (permalink) Old 08-23-2006, 01:01 PM
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Sounds like a good stater home.
Do the houses out their have basements?
What about a garage single attached?
Central A/C, what type off heat?

Quote:
Originally Posted by FeelTheLove
Dude some of the homes in Kanetuck are made out of tarpaper. The still is extra, but the pigs come with the house.
Nation wide traveler I take it?
Quote:
Originally Posted by the clk man
The house has central air and heat no basement no garage its a nice little house. as far as acreage for hunting and a cabin in our town there is a 500 acre hunting lodge with a giant lodge for sale with a lot of exotic animals good deal for a hunter

Last edited by RFC; 08-23-2006 at 01:09 PM.
post #40 of 48 (permalink) Old 08-23-2006, 01:05 PM
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I know a guy who bought a house in KY that actually had a full-sized trailer inside. Apparently, it started out as a trailer, and the owner just kept adding on until the trailer was completely contained.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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