My First Flip Success with Ms. Timothy Ln.

8 Replies

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

Luis Congrats and Impressive...  I am hoping to find a home to do the same here in FL.

The deal fell through :-( . 

We found that the house haves a septic tank and the prospect buyers did not want that :(

Well, guess I will be conducting an open house this weekend.  

Sell it fast or seek long term financing to add to my rental portfolio... 

Bummer, moral of this story, don't celebrate until you have cashed the check..

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