First Flip is done, 39K profit!
I sold my first flip yesterday and am very pleased with the results. Big thank you to the BP community, the dozens of podcasts I've listened to, and JScott for writing his book on flipping houses!
I bought it April 23, finished it August 11 and got it under contract the first day it went on the MLS. I spent quite a few long weekends working on it, but most of the work was done by contractors and handymen. I found this house by putting a post on a facebook "social site" and had motivated seller contact me. She and her two brothers inherited a house from their dad but didn't have the $$ to actually put the house in their name. There were also two years of back taxes they couldn't pay. They are all drug addicts and the house was a complete dump. I paid for the attorney's fees and they sold me the house. It took a couple months to get that all lined up since one of the brothers is in prison but it worked out in the end.
Here's the rough numbers:
Purchase price including back taxes and attorneys fees 31k
Rehab 85k
Interest on line of credit and credit card 3k
Agent commission and closing costs 12k
Sales price 170K
Before and after videos:
Most Popular Reply
congrats , that is cool you were able to get a deal off a Facebook group . Nice profit .
Did the people you bought it from make any money or was it all just to pay off the taxes and attorneys . Really crazy and sad that people would allow a house to get in that condition , drug addiction is a terrible thing .
The after video looks really nice I am sure the neighbors were happy you fixed up the house .