1st FLIP finally sold... $23,480 in profit
So I made the awesome mistake of posting my success story on here last fall. I had this house under contract for sale, and I was going to make a 40k plus profit. No problem right. Except the buyer backed out a week before closing after tying up the property for 2 months. It then sat the rest of the winter with little to no action.
We got it under contract again about 45 days ago and as of yesterday it finally closed. We made some good money on this place but we did just about everything wrong from buying to selling.
We are excited that it will make someone an awesome home.
Here are some of the pictures...
Rough Numbers
Purchase 48k
Rehab 14k
Holding costs 6k
SOLD for $99,900
New flipers out there.... Its not over till its over.
Most Popular Reply
The deal ain't done until the check clears the bank.
It will take long than you think it will.
You'll make less than you expect.
The rules are the rules. I didn't make them up. I acknowledged them and respect them. There are a few other people on BP that have yet to learn that the rules apply to everyone.