My First Flip: Before & After

[Rachel Gill]

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.