My First flip... High $$ in my home town. Follow along

79 Replies

Well, I spaced on closing this out... here we go.

We got 2 offers on our 1 week review day... we had 3, but one pulled out literally as my agent was bringing them to us.  One offer full price, one over with buyer paying all terms.  We countered the full up to that same.  They accepted.  We did this because my buying agent was their buying agent, and works under my selling agent, so I was able to keep all that commission on my team.  This is important to me, as my agent team worked really hard on this property, and I am asking a lot from her for buying my next one.  

Closing.  we did a 3 week close.  as is, no repairs etc... as I mentioned, right at close, the newer water heater of the 2 died.  yahoo.  My guy replaced it and was able to get it added to our permit for nothing... nice.  we worked through our little stuff punch list from the home inspector, switches, closet guides etc...  They found and asked for one repair/cleaning on the ducting, as it was allegedly full  of construction debris.. I agreed.  $750!  I was not into this on a philosophical level, what does AS IS mean...?  But in the end, I wasnt going to hold stuff up over $750.

House closed on time and with no surprises.

Purchase $575000

Closing costs like $4000

Rehab/inspections/yard guy etc... $96000

Holding costs like 11000

Sale $821000

I am still not done with EXACT numbers (this is my main needed growth area)  But I think my net should be around $85k after CA state withholding of $10k

I am VERY stoked with this result... This allowed my wife and I to clear up a lot of debt and BS we had...  It will free me up from my current half time day job... Going forward with no consumer/old debt, we will have personal funds free up, and just less stress overall.  which is the whole point of this for me.

Next steps are to tune up my $ knowledge on this stuff... AND find the next house!  WHich in spring hot california is proving really hard.  AND i have to save up for the tax man... wife got a bonus in 2018 too, so as of today not flipping anything else in 2018.... our income popped by $100k.  good problem to have but its gonna look ugly next spring.  ANything I missed, ask away!

Congrats, Carson! This is clearly an awesome outcome for you, and your family, on multiple levels. 

Furthermore, since I've first made a comment in this thread I've closed on a flip in my hometown of Cincinnati. This thread is inspiration for me to share my experience. Not only will it be my first flip, but it'll be my first out of state flip.

Thanks again!

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