First JV flip success ... kinda of

[Chris T.]

Good day BP! I thought I share my story here. I met my contractor via BP, and even though we went over budget and over time frame, we both made some money in the end.

Here're the rough numbers

Acquisition: $86,900

Holding costs: $7750 (includes HELOC interest, insurance, utilities, property taxes)

Time Frame: 10 months

Sales Price: $203,000

Rehab costs: $71,000

Net profit: $25,500 for both parties. (after both closing costs, realtor fees, attorney, title insurance etc)

Since I still have several projects with them, I will withhold good and negative comments! I think both parties learn more about one another and grew in the process.

More importantly, the homeowner is very happy to be there! 

If you've any personal questions, send me a PM. I'm looking for the next project!