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Updated about 10 years ago on . Most recent reply
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Costs of selling a flip
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