We finally recorded and closed today. It took almost 3 months since we originally opened escrow to sell. The buyer was FHA and the lender found out later about the 90 day flip rule so had to close and reopen the file again. Fortunately, the buyers really liked the house so they were OK paying for a second appraisal. Then at the last minute the lender requested yet another (a 3rd!) appraisal, the reason being that the purchase price was less than half of the sale price and it was a HUD requirement. That's one thing I learned. So here are the numbers:
Holding, closing costs & misc: $19,000
Net Profit: $40,000
Some pictures of the finished product:
looks like a nice cozy spot. congrats.
Congrats @Han Oh , what area of SoCal was it located in ? I didn’t see it in original post . Can’t think of any areas that cheap these days .
@Joseph M. It was in Victorville. But even in Victorville, I consider myself lucky to have found a house for $65K.
@Han Oh yeah definitely you are right especially these days .
Did a quick search on Redfin and small homes look to start at $120k now on MLS.
Which is still much cheaper than LA or OC countries .. but still .
Are you looking to do more flips in SoCal ?
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