FIRST FLIP UNDER CONTRACT!

[Alex Smith]

Yay! First flip in South Jersey (Salem County) is complete and under contract! Offer came through after 28 hours on the market! We bought this house August 1st, 2017. We were still working on a renovation of one of our rental units, so we didn't get started on this flip until September, 2017. Settlement is scheduled for the beginning of March--so, 7 months isn't too bad for our first one, working on it part time and doing all the work ourselves. 

Purchase Price: $35,000

Rehab: $20,000

Holding Costs: $5,000

Resale: $125,000

After our first 2 deals....1) buy & hold duplex 2) SFH flip, we have decided that rentals and building long-term wealth are more our style, but we will most likely do another flip in the future when we need to build up some money to put into a buy & hold property. We already have our next deal in the works- another 2 units that we are going to rehab and rent :)

...everyone was right, this is addicting..... 

[Alex Smith]

@Account Closed thanks! I would definitely say hardest part was time. We both coach high school soccer and have 2 kids under the age of 2 that we just started fostering about 6 months ago. So everything was all at once! September-mid November we weren't able to put in as much time as we would have liked to and we were hoping to finish up the project sooner, but once December rolled around we got a ton done. The timing part with holding costs, etc. was definitely the most stressful and hardest part. We learned a ton though