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Updated almost 9 years ago,
First flip a success. Closed Friday.
Purchased this home at the end of November. It was a bank REO originally listed at 139K. After some negotiation my partner and I were able to purchase for 117.5K.
My partner is a contractor who focuses on rental property prep so we were able to do most of the inspecting ourselves but we did have a roofing contractor check the roof. Our only contingencies on the offer were passing a termite and septic inspection.
There was a small termite issue that we accepted and the was a major septic tank problem we didn't accept and got the bank to pay for. They replaced the tank before we closed.
Total cost of the rehab was just over 25k. So the purchase plus rehab totaled 141.5K.
We listed for 185K in December (not a great sales month) just before Christmas and lowered to 183K in February. We had quite a bit of traffic and a lot of positive comments but no offers were coming. Finally received an offer for 172K early Feb and we negotiated to 177.5K. That was pretty much our target price when it all started.
We closed on Friday. My partner and I will each walk away with just over 10K in profit. We didn't have any major hiccups. I feel pretty lucky. This process was started before I discovered bigger pockets so I feel very fortunate that there were no major pitfalls.
Before
After