First flip went well and hit our goal with 3 days to spare
My wife and I closed on the sale of our first flip this afternoon and are pleased with our first effort. We bought a 3/2 sfr at a courthouse auction for about 124,000 on April 11, had to file suit to evict the former owners, put about 25,000 into the rehab, sold it for 202,000 (98.5% of list price) after 10 days on market, and closed today, June 28. We probably would have sold it in a day or two, except the uphill neighbor had a busted pipe, flooded our yard, and refused to turn off his water. We had 9 showings the first two days with a flooded yard. After accounting for all costs, we cleared about 40,000 for a 24.5% return over a 78 day period. My goal from the first of the year was to flip our first house for a profit by July 1. We hit that with 3 days to spare. Now to meet or exceed our next goals of one more flip and one buy and hold in 2017. I greatly appreciate BiggerPockets and all of you who share your advice and experience as beginners like us deal with steep learning curves. I LOVE this stuff!