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Updated about 9 years ago on . Most recent reply

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!

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