First Flip Closed! Happy Valentines Day!

Happy Valentines Day!

Closed my first flip property today and it went very well! Property was located in Modesto, CA. I purchased it for $240K, put $33K into it and had about 13K with acquisition and holding costs, and about 14K in closing costs. Closed today for 327,500. Leaves me with about 25K after I gave buyer credit for some unexpected repairs of $2500.

It was a cosmetic fixer mainly, did paint inside and out, new appliances, new fixtures, flooring, toilets, sinks, some windows replaced, painted cabinets and installed granite. A few other misc things: yard clean up, trash out and some basic carpentry stuff here and there....

Lessons learned...

Timing: I took my time doing it, so from start to closing was 6 months--next time speed it up to reduce holding costs. However I do think the time frame helped w/ my sale price (prices went up from last fall until now). 

Presentation: I staged it myself (my husband and I), made a HUGE difference and sold with in a week and closed just less than 30 days later. I picked out all the colors, materials, etc and kept an close eye on progress and quality of work. I took the pics myself as well.

Contractors: All in all it went fairly smoothly, I was very involved and hired all the subs (did not use a GC) but like I said it was mainly cosmetic.

Financials: I financed with standard Conv financing with 20% down. I did run into the issue with insuring a vacant property--very expensive! I got a pretty good buy on the home. It's in top school district, which I think was key as well. I did not go for low end finishes went mid range. Appliances were more than I anticipated! 

PS-I'm a real estate broker, so I did save a little on closing costs, but I did pay my company my commission!

Next step....I am already in contract for next one, goal will be try finish a little sooner to reduce those holding costs.   This one is a cosmetic fixer as well with some electrical issues, so I actually think rehab will be less, and it's smaller house as well. 

Thanks for reading!