Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
First Flip
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!!!