Updated almost 9 years ago on . Most recent reply
First JV flip success ... kinda of
Good day BP! I thought I share my story here. I met my contractor via BP, and even though we went over budget and over time frame, we both made some money in the end.
Here're the rough numbers
Acquisition: $86,900
Holding costs: $7750 (includes HELOC interest, insurance, utilities, property taxes)
Time Frame: 10 months
Sales Price: $203,000
Rehab costs: $71,000
Net profit: $25,500 for both parties. (after both closing costs, realtor fees, attorney, title insurance etc)
Since I still have several projects with them, I will withhold good and negative comments! I think both parties learn more about one another and grew in the process.
More importantly, the homeowner is very happy to be there!
If you've any personal questions, send me a PM. I'm looking for the next project!
Most Popular Reply
Hi, Chris, so with your net of 26k, you and your GC split that, meaning each of you nets 13k?