My first flip

7 Replies

Hi BP Community,

I just wanted to share a story about a house flip my wife and I and a lot of family finished. I purchased a 3 bed / 2 bath , detached garage in south east Houston in 2011 for my parents to live in.

Over the past year both of my parents passed away. Someone approached me about possibly selling it to him (I think he wanted to fix/flip it himself), but I ended up taking a week off of work and with the help of alot of friends and family we did a lot of work and are closing on it this week!

Purchase Price (November, 2011): 85,000$

Sales Price (September, 2015): 139,000$

**Total Rehab Costs: 9300$**

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Fresh Carpet: 2000$

Appliances: 3000$

Paint: 500$

Countertops: 400$

Staging Materials: 400$

Fixtures: 500$

Electrical wiring: 200$

Plumbing Work: 800$

Doors / garage doors: 600$

Miscellaneous supplies: 500$

Fence Work: 400$

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**Total Holding Costs: 2 months - 2000$**

**Total Closing Fees: 12,500**

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Realtor Fees: 9000$

Buyers cash in lieu of repairs cost: 3500$

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Rehab + Holding Costs + Closing Fees: $23,800

Profit: 30,200$

Anyway, just wanted to share that with ya'll, it was a very unfortunate circumstance, it's been a very rough couple of months, but just trying to see the light at the end of it all.

We'll be closing on it this week, just thought I'd share. 

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