We Flipped a Burn House...Here's how much we made!
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In 2016, the speakers embarked on their first property flip, a 'burn house' with extensive fire damage, which they purchased for $82,000 from FASTER HOUSE, a company they now own. They faced numerous challenges, including underestimating renovation costs and balancing personal commitments, such as attending a bachelor party and preparing for a wedding. Initially, they estimated renovation costs to be between $50,000 to $60,000, aiming for a final value of $222,300. However, the actual renovation costs rose to around $85,000, and the project took 8 to 9 months to complete, with a total investment of $175,000 to $180,000. They did much of the work themselves, including painting and removing an above-ground pool, and had to make several price adjustments before selling the property for $208,000, resulting in a modest profit of $20,000 to $25,000. Despite the smaller-than-expected financial return, they gained valuable lessons, such as the need for conservative budgeting and the potential pitfalls of overextending on a project. They also questioned the necessity of certain decisions, like adding a half bath, which may not have been essential. The property, a 2,000 square foot ranch with 3 bedrooms and 3 bathrooms, has since appreciated in value, now estimated at over $340,000, demonstrating the long-term potential of real estate investment. They also shared a stressful experience on the day of listing due to a major leak caused by a root, which they managed to resolve. The speakers emphasize the importance of the practical experience they gained, the connections made with contractors, and the ability to adapt to unexpected situations. They conclude by encouraging their audience to engage with their content for more insights into real estate and wealth creation, highlighting their goal to inspire a different perspective on freedom.
In 2016, the speakers embarked on their first property flip, a 'burn house' with extensive fire dama