All Forum Posts by: Adela Mizrachi

@Michelle Verdugo No, I never went through with it. I found money elsewhere. Let me know if you go with them, though. 

Way to go, @Willow T.! And props to you for doing the work yourself....and for profiting on the furniture you bought as well! A slow flip is fine in my book. I'm working on my 3rd flip (made $54K and $42K on the first two) and my partner and I are doing the lion's share of the work ourselves. I don't have the dough to pay flaky contractors to do a half-assed job. 

Mark, did you ever find anyone? I am looking for a reasonable drywaller to work in the north/northwest suburbs.

Does anyone know if it is possible (from a legal standpoint) to sell a property that has a stop work order on it? We're doing a flip in a suburb of Chicago and we didn't pull permits and a stop work order was put on the property. We are in the midst of trying to rectify the matter, but have quickly realized that the village is a huge pain to deal with and it has delayed our project by 6 weeks already. We are more than halfway done with the work and are considering putting the home on the market and just cutting our losses. Any advice would be greatly appreciated.

Thanks for the support, @Rapy Narruhn and @Ashley Schroeder!

We finally closed on this deal, so I posted the financial details of this flip here: https://www.biggerpockets.com/forums/223/topics/312043-1st-flip-financial-details

@Cave Johnson @Rapy Narruhn @Ashley Schroeder

Well, we finally closed on Friday and now I can do the big reveal on our financial specifics. In case you missed the big reveal on the way everything looked, check it out. I’m super proud of our work.

We were WAY OFF on our original projections (in a good way). Our projected profit was $13,099. That was a purposely conservative projection, which made us feel good about this investment. We figured that we would probably make more. We didn’t anticipate how much more our profit would be! Here are the details:

Purchase price: $155,000

Rehab costs: $38,732

Holding costs: $5,017

Closing costs: $7,923

Realtor fees: $13,750

Sale price: $275,000

Profit: $54,578

So, that’s the story of my first flip. We have two more deals in the works, so will have a busy summer ahead of us. Thanks for reading and please let me know what you think!

Thanks, @Cave Johnson! Assuming all goes according to plan and the sale doesn't fall through at the last minute, our numbers are really great...much better than we had originally expected. Stay tuned!

Thanks, @Rapy Narruhn! I'm counting down the days until closing. Can't wait to share the financial details with the BP community!