The First Flip

After several inquiries from family and friends about investing and/or flipping properties, I've decided to document my direct involvement from a real estate perspective as well as the actual renovation and resale perspective. How do I source a property?  Where are the best locations?  Should I do the work myself or hire a contractor(s)?  Should I try to buy/sell myself or use an agent?  The questions are endless and there are NO stupid questions, period.

Property in Olathe, purchased by a long distance investor client.  I sourced the property utilizing available HUD properties and managed the flip as a value added service.

Listed as a 2 bedroom, 1 and 1/2 bath, the purchase price was $47,033.  This property is affectionately referred to as the "Cedar" property (street address is on Cedar).  Comparable properties in the area supported a resale value of at least $100,000. 

Below are some before and after pics of the property.  Property was purchased pre-flip:  05/24/2013.  Property was re-listed, post renovation:  07/18/13.

   

Living Room Before

Kitchen Before

                                                                                                      

Kitchen After

Living Room After

                                                       


               

Dining After

Dining Before

 
                                               

Master Bedroom Before                                                                Master Bedroom After

Property sold 09/23/13 for $125,000 as a 3 bedroom, 2 bath.  Renovations included:  new paint interior and exterior, new roof, new driveway, privacy fence around back yard, flooring throughout, new plumbing, foundation repair (guaranteed), electrical upgrades, addition of shower in master bath, and new windows throughout.  Renovation total nearing $55,000.  A profitable flip and a very happy new home owner.