Real Estate Flip in Bucks County w/ before and after pictures
Hey BP,
Just wanted to start this near year off with a positive story. I purchased this property in August 2017, without laying eyes on it but knew that houses go for about 80-90k in this area. I Bid $7,000 for the house, and won. Later to find out I was the only bidder. The home was sold to me by the Bucks County redevelopment authority ( BCRDA). The BCRDA took eminent domain on the property earlier that year, after they tried to contact the owner for several months about the condition of the property. The house has been dilapidated and vacant for over 15 years. My main goal was to purchase the property as a rental, with rent at about 900-1000 a month for a 3br/1bth. After walking into the property for the first time, I was shocked, and knew this is more then a quick rental rehab. Realizing with everything new, it would be an better flip then rental. No roof, stairs, kitchen ect. I did find 12 cats living in the house though. My contractors and I started ripping the house apart that day. Many of the neighbors we thrilled at what was about to happen. It took us about 18 weeks to complete the whole project, with everything in the house being brand new. Made settlement Friday Jan 12th 2018. Here are the numbers and pictures. All 4 Pictures are taken at the spot before and after.
Purchased the property for 7,000
Rehab 56,800
Permits and Realtor fees 6,800
SOLD 99,900
Profit of 29,300