Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago, 12/08/2015

Account Closed
  • Real Estate Investor
  • Las Vegas, NV
38
Votes |
57
Posts

Third Fix and Flip Success!

Account Closed
  • Real Estate Investor
  • Las Vegas, NV
Posted

Just wanted to share my 3rd flip of the year our here in Las Vegas, NV. Just to give a little background I was out of state for the summer so I never saw the property other than the pictures. It was a HUD home listed for 96k on the MLS. I bid 88k and got the property. Based on the pictures and having a friend look at it for me, we figured it would be about 20-22k in work. Well as you can imagine it's a little hard to get a good estimate when you don't see it yourself and it ended up being closer to 29k in rehab costs. I financed it with hard money and ended up paying $7500 in loan fees between origination and holding fees. It took a little less than 5 months to fix it up and get it sold. I ended up selling it for 145k with $4000 in closing costs credited to the buyer. After all the fees and holding costs I profited about 12k. I expected to make almost 20k going into the deal but the rehab estimates were off by not seeing it. It still ended up being a good flip and everyone made money so I can't complain! But now I know next time I can't see it to get someone who can give me an accurate estimate! Here are some pictures!

Loading replies...