1st flip: financial details
Well, we finally closed on Friday and now I can do the big reveal on our financial specifics. In case you missed the big reveal on the way everything looked, check it out. I’m super proud of our work.
We were WAY OFF on our original projections (in a good way). Our projected profit was $13,099. That was a purposely conservative projection, which made us feel good about this investment. We figured that we would probably make more. We didn’t anticipate how much more our profit would be! Here are the details:
Purchase price: $155,000
Rehab costs: $38,732
Holding costs: $5,017
Closing costs: $7,923
Realtor fees: $13,750
Sale price: $275,000
Profit: $54,578
So, that’s the story of my first flip. We have two more deals in the works, so will have a busy summer ahead of us. Thanks for reading and please let me know what you think!