Profit of $24,906 and gorgeous but a success story???

[Ron Biggs]

Is this a success story??

Great renovation and a gorgeous home with a net profit of $24,906.94!

Check out these before and after photos!!

Purchase price $275,000

closing and holding $31,177

renovation cost $98,356

Sale price  $465,000

seller concession  $5,000

realtor fees and closing cost $30,559

net profit $24,908!!

So its gorgeous and we made a profit so why do I ask is this a success story??

Too much invested in time and money for this return! I made more than this on a small rancher I bought after I bought this big one (4600 sq ft) and rehabbed and sold it before I finished the big beast and made more money with a third of the investment on the small one!

Now my private money investor made a great return and I am glad for it but they and I both would have made a lot more doing 2 of the smaller ones!

But I must admit I still like to do the big one every now and then as they are really fun to show off. Why do you think I just showed this one instead of the little rancher?? haha

I have been doing flips in the Richmond Va area for over 30 years and I do need to show our work more often so maybe I will post the little rancher next!

[Jay Hinrichs]

@Ron Biggs  I hear ya... we have a pop top in PDX going right now  350k buy 250k reno..

Many would send that deal to me thinking 750k sale number is great but its not.

we will exit HOPEFULLY at 890k.. and at that splitting it with my work partner ( I am the money) it should be OK

But give me the mid west deals that I buy for say 70k put 30k into and sell for 139 to 149k in 120 days.. basic rehabs quick sells price points that don't move.. small commission etc.. those are APR wise just as good if not better.