Updated almost 12 years ago on . Most recent reply
You never forget your first!
Hi everyone! I haven't really posted in about five weeks, and this is why:
http://imgur.com/a/TJ54Z
My first true flip! I made a ton of mistakes and learned from every single one. My "plan" was simply to follow the advice in both of J. Scott's books as closely as I could (I even took them to a copy shop and had the binding cut off and holes punched so I could put them in binders). Next time I think I'll be able to spend less money and less time. Onward!
Let me know if you have questions. There is some commentary in the photo album.
Rough numbers:
Purchase price: $93,000
Rehab: $14,000
Cost of hard money loan & fees: $4,000
Commissions & selling costs: $8,000
ARV: $140,000 to $145,000