Hubzu flip results

[Cheryl C.]

I closed on my first Hubzu purchase at the end of April.  Luckily, closing went surprisingly smoothly.

I met my contractor at the property and got him started on (what I consider) minor fix-ups - paint, carpet, laminate install and a bath remodel.  I thought he would take 2 weeks, but he took four.  I listed it June 1 and it is under contract (10 days on the market) at full ask.

The numbers:

2/1 condo  purchased for 373K all-in.

Fix-up   12K

Sale price  468K

Commission @4.5%   21,060.  (ouch!!!)

Closing cost est.  2K

Net profit (minimal carry costs - paid cash)      aprox  59K

I think I'll start paying more attention to online auctions...