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Updated over 6 years ago, 06/26/2018
Completed my first Flip in Canton ga.
I just finished my first flip. The house was purchased off the MLS as a banked owned. Asking price was 119k and I offered 125k cash two weeks closing. They accepted the offer.
Repairs. I am purchased a house flipping spreadsheet to estimate my repair cost, holding expenses and selling fees. I also used this spreadsheet to track my expenses. www.houseflippingspreadsheet.com
I estimated around 24k in repairs plus 20k in real estate selling cost. I replaced all the floors, new kitchen, baths, paint interior and exterior, new doors and trim. I had a contractor paint the exterior. 125k + 24k + 20K = 169k invested.
I am finished with the house and spent 26k in repair cost so I went 2k over budget. The house is listed at 225k with multiply showing every day.
I would like to here your feedback and let me know if you have any questions.
Hi @Tara Williams So on this house I completed about 90% of the work. Thank you to youtube! Haha. I used a painter for the exterior.
Why did you offer $125k for a $119k listing?
Thanks @Bo Wagner
@Tyler Gunn I saved up the cash to purchase the house. I funded the repairs with a 0 interest home depot cc. I paid some of the cost like utilities out of my monthly income.
@Xavier Randall 115 brookwood dr canton 30114
@Christine P. I got a 215k offer today with 5k closing.
It looks amazing!! Great job on your first flip.
@Angela Yan The market is hot here and houses are selling in a few days. I did not feel that it was needed to stage of virtual stage.
Well done. I checked out the actual listing, fantastic beautiful lot. You got a great house and did a wonderful reno. Good that you are so handy when all the contractors are booked solid. On to the next one!
Originally posted by @Daniel Andrews:
@Tyler Gunn I saved up the cash to purchase the house. I funded the repairs with a 0 interest home depot cc. I paid some of the cost like utilities out of my monthly income.
Impressive that you paid for it cash! I like the idea of using the CC for repairs, rack up them reward points ;)
@Account Closed Haha thanks. Maybe if you lived closer.
@Steven Brandt I think it took to long. I will would balance the contract work and my work to help reduce the holding time. I was not fast at repairing drywall or interior paint. So next flip I will contract out he interior and exterior paint and maybe some demo.
@Duke Perry That is amazing. Let me know how it goes.
@Daniel Andrews Why is the real estate selling cost $20k? 6% of list price is only $13,500.
@Robin Reed Thank you
@Jessica Wygal thank you
@Alex Bekeza comps are around 215k plus. I have attended two home auctions and I live on Zillow and the MLS.
you did all the work?? even more impressive!
@Jamal Jenkins Thanks just got a 215k offer. 5k closing
@Daniel Andrews. If you've just been on market a short number of days, counter the $215K Offer & $5K Closing Costs paid by Seller, with $220K And agree to pay the $5K. Buyer probably needs the Closing Costs paid to make the deal work.
Good luck!
@John S Lewis The house had 15 offers. The agent sent a best offer by x date. I had put in about 15 offers (before this house) on other homes and all sold for over asking price.