Before and After House Flip With $75,000 Profit and All The Numbers!
Вставка
- Опубліковано 27 сер 2024
- This was one of the best flips we have done in a while! It was a country property with 24 acres and a manufactured home. We bought it for $270,000 from the MLS and sold it for $397,000 to one of our contractors. We had about $37,000 in repairs and $21,000 in other costs. We show exactly what we spent money on in the video.
The house needed siding, a roof, paint, flooring, and bath work. The contractor who did the work ended up buying the property. We had no commissions no the sales side and were able to sell the property very quickly which helped the profit!
You can see my book on flipping houses here: amzn.to/32Ln23r
You can see the high end flip we a while back here: • Before and After Video...
Here is the playlist for all of my complete before and after house flip videos like this one. Complete House Flip Before and After Videos: ua-cam.com/play/PLoQKPI7WPeHiFSiYYgYuorUP_STuYa0Vw.html
Don't forget to subscribe! :)
Mark Ferguson - InvestFourMore I do granite and quartz countertops in Colorado if your interested in affordable granite and quartz
I think it safe to assume that Nikki is a very important asset to your company
Yes!
I like seeing the before and after, together. You and your crew did a great job and the contractor has such a beautiful home with wide open spaces all around. Just a thought, maybe if the walls aren't straight, use a flooring that doesn't have the squares in it.
Thanks!
Bud Light curtains are a nice touch!
We should have kept them
The new owner can subdivide it after the 5 year waiting period from the previous subdivision. If I was that contractor, I'd split it in half and sell the other 12 acres land for market value. Maybe $150k in today's dollars but 5 years in the future. Then he would have a renovated home with 12 acres for only about $247k.
Nice flip. It's fun to see the variety of types of real estate you flip or buy/rent.
Thanks!
New Buyer needs to plant tons of trees ASAP and plant around this place
I'm just in shock at home prices there. I hope my area has a boom like Colorado...I have 5 houses and that would make me a multi-millionaire !
Edit: BTW, this location is so flat, vacant, isolated and barely a tree or bush to be seen! It's seems so sad and lonely..I would struggle to live there. But the place is pretty ...you do a nice job!
I was thinking if it was two old ladies living there, they turned the furnace off to save money. Instead of running the big furnace they used that little heater and stayed in certain rooms. The re-do was nice but that master bathroom should be redone. Sorry, the metal flashing on the tub was weird.
appreciate your detail and honesty in these videos
U made it beautiful.....! The back outside wall is GREAT... A big change...
Love the floors.. no carpet in the main living 👏 this is looking good 👍🏼 love your videos . Green siding looks great! I agree the “Random”boob light looks strange vinyl in the bathroom got to go if it goes on the market.
Sold to your contractor . Great job.
Thanks so much! 😊
Good lord, Mark. You are already so busy. I can't believe a viewer complains you aren't churning out more vids. All that you share are greatly appreciated by 99% of us, I'm sure. Happy holidays to you and your family.
ThankS!
Oh I am so with you. Some of the finishes are a deal breaker. That master bath needs Jesus. 😂
Finally see the real numbers! thx
Really enjoying your vids. Thank you for sharing complete information.
You have to be so grateful for your team.. You guys do amazing work in a short time!! Love all these videos of before and after. Also I love how you break it down at the end. You are great at what you do.
Now watching the final reveal. What a sweet property. Yes, bath tile is wonky, but all is so oo much nicer than what the before pic. Nice job!
Thank you!
For a manufactured home this is very beautiful I really liked it a lot.
Glad you like it!
When I have experienced any kind of home repairs, additions, etc. , I build in 35 to 30% more in unexpected expenses. I'm usually happily surprised or, at least prepared.
Awesome Mark
Thanks!
im only 20 and started to flip cars but your channel has encouraged me to do this! I think im going to start in Mexico though only because you get a lot more for your buck.
Love the house. The bathroom floor would annoy the heck out of me and the vinyl around the bath with the carpet strip was weird. Just as well your contractor bought it.
Win Win situation with your employee/contractor. Great improvement on the house as a whole.
Yeah, that bathroom floor throw me off too. Looks like it needs to be pulled up rotated counter-clockwise a bit.
Nice Grow Room in the garage. Never outta weed even there where it's legal.
That’s a awesome piece of land and a beautiful home, I’d move to America to live there. I bet it sold quick!
I want to say that floor is the Ann Arbor Oak from Home Depot (could be wrong) because it looks very similar to one I used. We originally wanted Sonoma Oak, but that was a laminate floor you had to order, and when we were ready to put it down, I realized I never ordered it. So, off to Home Depot and we chose Ann Arbor Oak because it was in stock. Our realtor thought it was so nice looking that it was engineered hardwood. Nah, laminate, cost $1/sq ft. But looks awesome.
Could be!
Every time he says “needs cleaned” instead of “needs TO BE cleaned” I ponder for quite a while.... “Is that correct, am I mistaken? It sounds wrong but is it wrong grammatically?What is life?!”
To where I have to rewind the video to see what I’ve missed. Haha.
I have always thought that was a Pennsylvania thing. My best friend and her family always said "needs cleaned" "needs washed" "needs bathed" etc. They were from Pittsburgh and the only people I knew who used those phrases.
S H Ok. Thanks. That it’s a saying, wherever it’s from makes sense... I was also thinking, like “needs cleaning” but he wasn’t saying that either. Haha. It’s all good.
I have busy schedule not enough time for all words
That’s beautiful!
Nice man you should do more of these 👌
I really love these before and after vids. really makes me wonder what you'd do to my house. southeast louisiana. built in 1966. pretty much everything is original except for flooring in some rooms. same cabinets, wood paneling, oven (doesn't work), bathroom tiles (bright blue lol), red brick exterior, fence, etc. 3 bedrooms, 1 bath. not too big, like 1200 sq. ft. anyway what I'm trying to say is I like your vids!!! :)
Thank you!
Great work on this one! Just curious: did you consider subdividing the land and selling off a portion of the site?
I think it turned out beautiful! I would have so much fun decorating..... 😉
Great investing. No emotion. Great overview 👍
Thanks!
That house after the flip would be $270k in Michigan, or even less. That market out there is crazy high.
That bathroom floor gave me vertigo just looking at it lol.
The breakdown is tight ty
thanks!
YAY! White ceilings!!!! 🤣
I flipped 1 house this year and made 40 thousand with a 25 thousand investment. Took about 6 months. Building a new house since all the other houses are gong for to much to make a decent profit if any.
Not easy to find them!
You should contract with a thrift store. Sell the right to come out on day 1 and take anything they want... it'll lower your disposal costs & timeline as well as bring in some cash!
I can’t believe the taxes!!! Wow. My taxes in Canada is 1800$ usd a year.
Great video mark, really appreciate you. How much liquid cash flow\would one need to pull this flip off???
Depends on financing but with hard money at least $40,000 to $50,000 i would say
14:00 camper dump was the first video of yours I watched. a youtube suggestion
awesome lol
No way in hell could I deal with all that noise from the furnace. wtf?
wow another mobile home. no one does that here. is that hardi plank siding you put on? It looks nice with the moss green color.
just the regular siding from home depot
Why did you put carpets in the room?
Because most people prefer carpets in bedrooms here
I would have thought one of your contractors would get a little discount. Surprised.
Business is business. But considering he probably could have sold it for more, he did kinda get a discount. And I'm guessing they didn't have to redo that bathroom floor.
Exactly. I mention a few times I think we could have sold for more
That's quite a profit.
You should edit in some drone footage to each video!
Maybe
24 acres, how wonderful. I think you can get a higher profit on lower budget houses.
Yes
My question is, can you use hard money in a listed house???
yes
Omg. The batteries where in backwards.🤔that is the only reason I sold you my house because I had no heat...😐😐😐 so I figured I would swindle somebody to buy my house and let it be their problem. I want my house back😝😝😝 😳😳😳 darn batteries 🔋🔋I hate having dementia 👵🏻 Jk😆😆😆
haha
😄🤣😁
Isn’t it incorrect to add the $8,000 to your profit? Because that money comes from the house. So it’s basically minus a cost of $8k for commission, but since it’s you, it’s plus $8k. So nets 0. The profit comes from you saving the commission, but you can’t just add the commission. You’re double adding. That commission money has to come out of somewhere.
Never mind. Just rewatched it, you said it was for when you bought it, not sold it 😂
I made a commission when I bought it and saved a commission when I sold it.
Is that a toupee? If so it's really good and where did you go to get it please?
They are pumping oi back there. Does the property have oil rights?
Can your methods that you teach in the books be applied to other countries too?
yes
Mark Ferguson - InvestFourMore thank you!
Superb, Superb!
Thanks a lot!
Gray.
Do you have any in Colorado Springs?
no just noco
Hey Mark, you mentioned you don’t list your own properties. I’m not an agent, however, I use a flat rate broker to sell my homes. I pay $300 for my flips to go on the MLS and sites like Realtor.com and save 3% on my bottom line. Do you think I would be better off having an agent list my homes?
I notice in a lot of flips you don't add in a fire egress. Wouldn't it be better to just spend the 2g out of the 10s of thousands you make to know you're keeping families safe? I mean, I know you don't do it because you don't have to on a technicality, but it seems like it would be the right thing to do. There's a reason new builds have to have one
Great Video !!! Quick question.... Did you end up drywalling the Mbath walls ? I now know ( because of you ) that you can paint Mica, but do you know if you can paint the wallpaper / panels in a manufactured home? I maybe purchasing one.. Thank you in advance !
elan 3 studio They can be painted. A good exterior paint works well and is more durable than interior paint. Getting rid of the seams requires some work. Or you can tear out the rather thin crap panels they use and put up some proper drywall!
@@jaykneegarner2479 Thanks !
No, we left the panels I believe.... lol I should know. Yes I have seen the panels painted and even textured
@@investfourmore Thanks Brother !
Water based enamel paint is a good cover up. I used it in a paneled bathroom, rag rolled a multi colored treatment, and it turned out great.
Looking at a place for $60k. Totally gutted. My concern that it will be all new work and will require all inspections. Not much land but in town and has 2 garages. Maybe mixed-use. Thoughts?
lostintime86
What state?
@@caroleehubbard8380 NH
personally, I am staying away from massive remodels like that.
@@investfourmore thanks for the nudge away from that one. Especially when there is 2 family bank owed down the street for $70k.
When flipping how much are u usually spending on a dumpster and a clean out crew?
Mark, what sort of liabilities you would have after a flip?
It seems like you don’t spend money on grass or landscaping. Is that true? I hear a lot about curb appeal so this goes against what I’d be thinking. Interested to hear your thoughts.
Out there we did not need it. IN some cases we put it in. just a case by case
Out in the country people don’t want a lot of landscaping, plus water supply might be not real abundant.
Is the project manager salary in that calculation ?
No, but she is a agent as well and pretty much pays for herself
Great job! Such an excellent profit margin. I'm a landscape stager for local agents here in N. CA, and I find it interesting that you don't spruce up the curb appeal. This one didn't really need it since its in the country, but several of your 'in town' listings are left untouched as well. Just curious as to why this is ignored?
On some we do, but most of them don't need it. They sell without much done.
Why does nobody plant som bushes and trees .. that will catch up the wind.
Why not put a form of heat for in case electricity goes out?
like what?
A fireplace
I have to agree when it gets that cold its best to have a heat backup! Be it a pellet stove with a battery backup or a small wood-stove it’s well worth the expense to add it in!
Bring the stove in from the garage if you want a heat alternative, if it’s a wood stove or pellets, get a battery pack.
Fireplace could be the buyers option later. That's too much to invest on a flip property
Turned out nicely!
How are your wife and new baby?
Good thank you!
Mark Ferguson - InvestFourMore that’s wonderful to hear! BLESSINGS!
Are you paid from Home Depot to mention them?
Nope
Are those taxes yearly?!?!
yes
@@investfourmore good God I pay more than that per month in PA
It looks like manfactured home ...I've seen lots of slanted ceilings in those homes. That it has a basement to me seems quite rare. Trims are another clue ..........
Yes, it is manufactured
How many houses have you sold to your workers ? Seems like they buy them all... And why no grass ? Thats no good
A couple.
Someone just spent 75k too much
Nice home but way too far.
🤣🤣🤣🤣🤣🤣🤣🤣
Oh those ugly cabinets. Understand you need to cut cost but gross. Ugly back splash too. Just poorly chosen. Omg the master bath is horrendous. Not a great craftsman... hope he buys it.
He bought it
Walls in the bath are not square. Easiest fix is to use a vinyl flooring that doesn't have lines or squares ;)
Your not posting enough videos. Start making more videos
2 or 3 a week is not enough?