First Flip Completed (Christchurch, New Zealand)

[John Lodge]

It had been about 15 years since I flipped a house but a deal came up that was too good to pass up on. 

A tenant had damaged it and left a few holes in walls, removed a toilet pan (?) and the garden was messed up by a couple of large dogs (that must have mainly eaten dinosaurs by the bones I found).

Details as follows:

Purchase: $300,000

Renovation: $32,000 (primarily painting inside and out, re-carpeted, landscaping)

All-In Costs: $332,000

Registered Valuation After Repair: $470,000

List price: $450,000

Sold: on 2nd open home without agent at full list price

Profit after closing costs: $114,000 (I said it was a good one!)

The best thing was the house was bought with a 20% deposit up-front ($60k) and 2 months deferred settlement whilst we had possession to do the repairs. We did actually end up buying the house and owned it for about a month whilst the new sale went through, so the whole process was about 3 months from go to whoa. 

Now looking for my next one...