First Flip is done, 39K profit!

[Nolan M.]

I sold my first flip yesterday and am very pleased with the results. Big thank you to the BP community, the dozens of podcasts I've listened to, and JScott for writing his book on flipping houses!

I bought it April 23, finished it August 11 and got it under contract the first day it went on the MLS. I spent quite a few long weekends working on it, but most of the work was done by contractors and handymen. I found this house by putting a post on a facebook "social site" and had motivated seller contact me. She and her two brothers inherited a house from their dad but didn't have the $$ to actually put the house in their name. There were also two years of back taxes they couldn't pay. They are all drug addicts and the house was a complete dump. I paid for the attorney's fees and they sold me the house. It took a couple months to get that all lined up since one of the brothers is in prison but it worked out in the end.

Here's the rough numbers:

Purchase price including back taxes and attorneys fees      31k  

Rehab                                                                                             85k

Interest on line of credit and credit card                                   3k

Agent commission and closing costs                                        12k

Sales price                                                                                    170K

Before and after videos:

https://www.youtube.com/watch?v=WDi2KOlazog

https://www.youtube.com/watch?v=5gKfvANk6aQ