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Updated almost 9 years ago on . Most recent reply

User Stats

10
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0
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James Angelica
  • Real Estate Investor
  • Metairie, LA
0
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10
Posts

First Flip

James Angelica
  • Real Estate Investor
  • Metairie, LA
Posted

So I just completed my first flip. It is a 2bd condo in the suburbs of New Orleans. I took it on to gain some experience and build my list of contractors. Here are the numbers.

Purchase - $58k including closing

Rehab - $13,500 including condo fee and insurance

All in - $71,500

Stained cabinets, Granite in Kit/Baths, SS Appliances, New windows, updated fixtures, New doors, Recessed lights, New Carpet upstairs, Stained grout downstairs, minor fixes throughout

I listed for $99,900, last one sold for $94,999. I recieved an offer within 3 hours for $95k + closing cost of $3500. I stand to make $14,300 if I take the deal or I can hope for a few thousand more and risk it sitting on the market. 

Opinions please!!!

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