House Sale

[Kam Parikh]

Dear Team:

I bought a single family home by using the Home Equity funds.  I sold it within 3-4 months and made $45K.   I will pay back Home Equity funds.  Is this a right way to do the flipping?

One thing bothered me that buyer asked for $9K closing cost help as he is first time home buyer.   Once I signed this addendum, they came back and said that the roof needed to be replaced.  I had asked roof contractor and said it did not need to be replaced.  The buyer was walking away from the deal and since I had Home Equity money on line, I had to agree to pay an extra $4,500 at the settlement.  How could I have avoided these $9,000 and $4,500 which could be part of my profit?

Any feedback?

Thanks in advance. 

Kam