
Patrick Menefee
Flip #1 - Newell Flip

NET PROFIT - $15,141
(Aug 2020) It's hard to put a finger on the most exciting aspect of this property...is it the spacious floorplan? The opportunity to convert 200+ sqft to a third bedroom, second bathroom, and more than 1,500 sqft house? The detached shed/workshop filled with treasures? Or the additional parcel of land that came with the house? Hard to say, but this is a first flip to remember.
(May 2021) Well, those words didn't age well. It certainly has been a first flip to remember, but not for happy reasons! Termites and wiring issues seemed like huge hurdles at first, but became just a small asterisk compared to the other problems associated with this flip. At the end of the day it got done and looked beautiful, but it sure was painful!
PURCHASE DETAILS
List Price: $102,000
Purchase Price: $92,000
Closing Date: August 13, 2020
Source of Deal: FSBO Zillow
Funding Source: Private Money
Size: 1,254 sqft (now 1,636)
Estimated Rehab Time: 4 weeks
Estimated Rehab Cost: $40,000
Estimated ARV: $194,000
Bed/Bath: 2br/1ba (now 3/2)
SELLING DETAILS
List Price: $225,000
Sale Price: $235,000
Close Date: June 1, 2021
Total Flip Timeline: 292 days
Actual Rehab Cost: $90,581

BEFORE
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AFTER

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