1st flip: financial details

[Adela Mizrachi]

Well, we finally closed on Friday and now I can do the big reveal on our financial specifics. In case you missed the big reveal on the way everything looked, check it out. I’m super proud of our work.

We were WAY OFF on our original projections (in a good way). Our projected profit was $13,099. That was a purposely conservative projection, which made us feel good about this investment. We figured that we would probably make more. We didn’t anticipate how much more our profit would be! Here are the details:

Purchase price: $155,000

Rehab costs: $38,732

Holding costs: $5,017

Closing costs: $7,923

Realtor fees: $13,750

Sale price: $275,000

Profit: $54,578

So, that’s the story of my first flip. We have two more deals in the works, so will have a busy summer ahead of us. Thanks for reading and please let me know what you think!