How much profit am I really making?

[Neil J.]

Hello BP family,

I'm a real estate wholesaler and I might be venturing into a rehab project with my friend.

I've found a pretty good property in a nice area in NJ, the details are as followed;

ARV $280K

Purchase Price $140k

Repairs $30k

Annually Tax $7k

Closing Cost $3k

Profit $90k - $100k??

Does my profit sound ok or am I out of my mind?

Am I leaving something out?

Will I get heavily taxed on my profits?

I need help because I using my friend's money!

Thank you,

Neil