My 1st Flip was a huge success

[Michael H.]

I've been absent from the forums for a while as I just finished up my 1st flip. I closed 6-20-16 and accepted 1 of 14 offers this morning after 4 days on the market

Purchase price - $65,500

rehab and holding costs - $38, 775

amount invested - $104,275

Selling price - $157,000 as is with appraisal contingency waived

Real estate and closing costs - $9,050

$157,000 - $9050 = $147,950

$147,950 - $104, 275 = NET PROFIT = $43,675

[Michael H.]

John Kesner

I subbed out all interior painting and drywall, electrical, most plumbing, Windows, trim, wood floor, sod, landscaping, tub refinish, tree trimming, tuck pointing, counter tops, roof and flashing repair, and final clean.
I did all the demo, tile work (never doing again), install cabinets and hardware, (they were new box cabinets from a wholesale cabinet company), installed finish plumbing, installed appliances, pressure washing of fence, drives, basement walls, framing of washer/dryer walls and a lot of minor things along the way. Also all of the oversight, planning, negotiating, scheduling, and running numbers.

I enjoyed most of it. I've done a lot of tile in the past and learned I'm never doing it again. I'm also looking to do less and less in each one.