My First Flip Success with Ms. Timothy Ln.
Contractor · Marietta, GA · Member since 2013 · 174 posts · 64 votes
Can hardly contain myself, I have not closed the deal yet but I can already visualize the check.
I was baking cookies during the open house when I received the call from the broker to inform me that we had received an offer for the home after being listed on the MLS for only ONE day. I was like, Whaaaat???? then I was almost 100% sure it was going to be a low ball offer (like the ones I tend to do) and behold... it was for $7,000 more than the listed price....
I considered myself a pure "Buy and Hold" investor... but flips are so much fun, Now all I can think of is the next 5 that I want to do this year...
Below the numbers and some before and after pics.
| PURCHASE COSTS: | Closed on November 21, 2014 |
| Purchase Price | ($58,500.00) |
| Closing Costs | ($1,457.04) |
| Total: | -$59,957.04 |
| REHAB COSTS: | |
| Labor | ($5,600.00) |
| Materials | ($4,727.98) |
| Total: | -$10,327.98 |
| HOLDING COSTS: | |
| Interess Cost | ($1,440.00) |
| Lawn Care | ($55.00) |
| Other | $0.00 |
| Total: | -$1,495.00 |
| SELLING COSTS | |
| Selling Price | $107,000.00 |
| Commission To Agents | ($4,512.50) |
| Seller's Closing Costs | ($3,210.00) |
| Total: | $99,277.50 |
| Anticipated Flip PROFIT: | $27,497.48 |
Before Pics:
After Pics