Finally closed on a home run flip with 35% ROI in SoCal!

[Han Oh]

So about 3 months ago I had posted this thinking that escrow was going to close soon after. Boy was I wrong!

https://www.biggerpockets.com/forums/223/topics/52...

We finally recorded and closed today. It took almost 3 months since we originally opened escrow to sell. The buyer was FHA and the lender found out later about the 90 day flip rule so had to close and reopen the file again. Fortunately, the buyers really liked the house so they were OK paying for a second appraisal. Then at the last minute the lender requested yet another (a 3rd!) appraisal, the reason being that the purchase price was less than half of the sale price and it was a HUD requirement. That's one thing I learned. So here are the numbers:

Purchase: $65,000

Rehab: $48,000

Holding, closing costs & misc: $19,000

Sale: $172,000

Net Profit: $40,000

ROI: 35%

Some pictures of the finished product:

[Joseph M.]

Congrats Han Oh , what area of SoCal was it located in ? I didn’t see it in original post . Can’t think of any areas that cheap these days .