Updated almost 19 years ago on . Most recent reply
Sold my first rehab-
Alright...that is all done and I can move on...phew..
So heres how the deal broke down.
I paid 162K for the property
Spent 33K on the rehab which took 8 weeks.
Closing, holding, and closing again cost a total of 16K.
The property was on the market for about 3 weeks until I received a full price offer of 264K.
The realtors got almost 15K.
So my end of the day pure profit ended up at 38K.
In retrospect, the deal was a little weak to begin with and my estimates were completely out of whack ( I estimated 12k on rehab and had comps of 230 - at least one blunder saved me from the other). But for a first timer...not bad. Now had I known then what I know now...I would have paid less for the property to begin with. I was pretty desperate for my first deal, and didnt realize the extent of my sellers motivation. I really could have got it for less.
Hey - next time I'm the wiser.
38k is still 38k. I'm happy.