My First Flip: Before & After
Although this took way longer than expected due to contractor issues, I'm proud of the way it turned out and happy to report that it is under contract after on 3 days on the market! It's a 3BR, 2 full bath row home in Baltimore, MD and we added an additional BR in the basement. (See before & after pics below)
Breakdown is as follows:
Purchase Price $54K
Rehab $50K ($8K over budget)
Holding costs $8K
Under Contract $140K
Approx Profit $12K
Due to holding longer than expected(almost 6 months) and unbudgeted rehab costs the profit is less than I had hoped, but still not too shabby for a first timer. I had a lot of help along the way from my Hard Money Lender and a Mentor and learned a lot of hard lessons, but I'm so glad I jumped in feet first and accomplished this. I'm now on the hunt for my second and hopefully third flip.