First Rehab Completed and Sold

[Ryan O.]

First I want to thank everybody on this board for all the knowledge shared every day, as it has been a big help thus far. I spend more time lurking on BP than contributing, which is something I plan to change.

I sort of hit it out of the park on this deal, which I mostly contribute to luck and good timing of the local RE market.

Purchased 10/1/11 110K
Purchase Costs ~2K
Rehab and holding costs ~90K
Selling Costs ~20K
Sold 4/30/12 334K

We had a full price offer the first day on the market and closed less than a month later.

The project was bout off the MLS as a REO that was in the "middle" of a dining room and 2nd story addition. I had an equity partner in on the deal so profits were split 50/50, I also "saved" 15K-20K by doing some work myself, which I will try to limit on future deals.

The project took a little longer than anticipated mainly due to my lack of experience dealing with the county and building inspectors. Permits took a month to get after closing, and the fact that I did some work didn't help the timeline either.

Before and after pictures can be seen here:
[url]http://www.flickr.com/photos/ryan_rei/sets/