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Updated over 7 years ago,
Resale of property within 45 days without improvements
Is it reasonable for a person to sell a property in less than 45 days with no improvements for 30K more than acquisition? Purchased property at 155K cash, selling for 185K. It is a familial transaction to a close family member, so would like to know what is customary for a short term investment of this nature. By the way, property has not been updated since the 70's, when it was built. Property appraised at 199K. Closing cost are between 6-7K. Buyer would be all in at roughly 192K (assuming closing cost are 7K) Please advise as I think the profit is excessive. Thanks in advance.