Flipping Success

[Lee Schram]

I wanted to share my first flip success story with everyone. The ROI was 44%. I think the key here was that the property was purchased from a motivated seller (lost job) which led to the great ROI. I've read and heard time and time again (thank you Bigger Pockets) that you make your money when you buy. This proves that saying to be true.

Purchase price 285k

Improvements 99352

Residence related expenses 5651

Closing 6955

Interest on $ borrowed 6393

Real estate tax credit3105

Total 400,246

Sale price 510,000

Closing expenses 35,648

Real estate tax credit given to buyer 7,611

Net sale price of 466,741

Gain $66,495

ROI 44%

Here are some before and after pics