Updated over 10 years ago on . Most recent reply
First flip complete... and SOLD!
Well, after being the in the buy, rehab and hold biz for a the last two years I jumped into trying a complete SFH flip. Like most projects we had a few big surprises but overall it was a great success. We fixed plumbing, electrical, new foundation wall (this was big!), replaced some windows, pulled up carpet and refinished hardwood floors, new appliances, etc. Still finalizing my numbers but a rough break down goes like this:
Home: 3 bed 2 bath with 2 car garage and fenced in yard
Purchase: $31k cash
Rehab: $28k (estimated around $20-22k)
Listed: $100,000- Received full price offer within 17 hours of listing.
Estimated net profit: $25-29k
Just got all inspections done and very little came back so we are set to close July 15th. We are paying up to $2500 of closing costs and broker commissions too. I have my RE license so will get 25% back from referral. And some before and after pics: