numbers on one of our more lucrative SFH flips

[Sherry Norman]

This flip is in northern NJ, middle class area in suburb, cape w/4 bdrms. and one bath.

Purchase price (short sale, buried oil tank)   $112k

Rehab $50k (paint, refinish HW floors throughout, new fixtures and tile in existing bath, add bath {no tub, just shower} in bsmt., remodel kit,  remove non-leaking oil tank and add CAC)

Listed for $274,900, sold in a week for $269,900 (still thinking we should have negotiated harder for full price)

It took WAY longer than it should have, almost a year from our offer to the bank until the close on the new buyer's transaction.  This was mostly due to our money partner, who has other unrelated business interests that he periodically travels abroad to attend to, leaving the project frozen in place for his return.  He is a real micromanager, insisting on the final ok even for smaller details like light fixtures and tile.  Since his share is more than half he gets to call the shots.  So carrying costs, etc. will be higher than they should be.

Overall, profit should be somewhere around $70k.