The two month purchase, rehab, relist...SOLD Fix & Flip!

One of the best and quickest deals we've thrown together! This was a VA foreclosure that was sold but fell through. This is the reason you keep great relationships with brokers...Received a call from a broker I have done deals with, and she knows I pick up properties quick close, and we have done a few deals together.

Went and looked at the property, submitted my offer 15 min later and our offer was accepted. The next day she had 3 other offers, so we know we were justified in moving quick!

We were originally going to traditional finance the property, but after further investigation if we would buy the property with cash, we could pick it up 28 days earlier, and most important we would save approximately $4000 in closing and holding costs. Oh, almost forgot one of the coolest parts...since I'm a real estate broker in this town, I kept my commission in the deal and at closing received a check for $4,840.50! Not a bad day to buy a house and receive a check...

We remodeled this property in exactly 2 weeks. Some of the Items we remodeled, New carpet throughout, new sink and faucet. New disposal repaired some cracked tile, minor plumbing repairs, new light fixtures in entry, and dining. Entire re-paint and hole repairs, hot water heater Elements, new door handles throughout, and exterior. A typical paint and carpet rehab.

Relisted the property 2 weeks and 1 day after purchasing, and we were under contract 5 days later!

Now for the numbers:

Purchase Price: $161,350 - Commissions of $4,840.50 received and rolled right into the property so actual purchase price $157,742.94

Rehab Cost: $7,594.49

Holding Cost: $129.67

List price: $198,000

Sold Price: $ 197,500

Selling costs + concession: $11,104

Total Profit: $20,933.91 - Not bad for two months