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Updated about 10 years ago on . Most recent reply

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Bryan N.
  • Investor
  • Hampton Roads, VA
417
Votes |
1,117
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Costs of selling a flip

Bryan N.
  • Investor
  • Hampton Roads, VA
Posted

This has probably been answered, so if someone has a link that's fine.  I've searched, but couldn't find it.  

I bought a property from a slumlord which I discovered after the fact.

http://www.biggerpockets.com/forums/52/topics/1628...

Anyway, it's basically become flip at this point.  Minus new windows and shower inserts it's been replaced.  I asked my realtor to comp it and I can expect to sell it for more then I realized.  Even if I get low balled I'll get all my money back and a free education if I understand all the costs correctly.  Worst case scenario it will be a really nice rental with good cash flow.  

I'm going to crunch numbers this week, but here is the costs of selling that I'm aware of.  I know I'm missing something. 

Realtor fees 4.5% (my realtor will do 1.5%/3% for other agent). 

3% closing costs to buyer (standard here)/2% if it's an investor.  

Taxes - based on "profit" after purchase price and expenses to rehab at my tax bracket. 

Any other seller concessions.  

What else am I missing?

Thanks

Most Popular Reply

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967
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Kirk R.
  • Peoria, IL
383
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967
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Kirk R.
  • Peoria, IL
Replied

get hold of hud statement  probably specific to your area

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