Updated over 7 years ago on . Most recent reply
Lafayette, LA Success Story #8
Wanted to share by success story of a recent flip here in Lafayette, LA. Bought the home for $130,000, 3 bedroom, 1.5 bath.
The property was very old, some parts on piers and some on slab, rooms added without proper ventilation cause mold and mildew. Construction was estimated to be around $70,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. Final construction budget came in at $83,000.
Decided to list the home at $285,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 3 days before getting nice offer! SOLD.
Breakdown:
Purchased: 9-6-17, Closed: 2-9-18
Sells Price - $279,000
Purchase Price - $130,000
Construction - $83,000
Commission - $13,900
PROFIT - $$$