First Dallas Flip - Officially Closed!

In addition to this being my first flip, this is my first blog post! To get you caught up on the journey so far, follow my thread here:

 http://www.biggerpockets.com/forums/87/topics/1114...

We began direct mail marketing in January 2014, and one of the deals that came out of that was our first flip. We got a call from an absentee owner who had recently retired and moved to a downtown condo and was tired of renting out his old house. After some negotiating, we ended up purchasing it for $100k in May. There were tenants in the house until the end of June, so the rehab didn't actually start until July. The rehab took about 4 weeks, using a contractor we have worked with on all of our rentals, and we got it listed at the beginning of August, under contract and the end of August, and closed just a few days ago.

Here are the numbers:

Purchase Price: $100,000
Financing Cost: $5,447
Holding Cost: $2,110 (utilities, insurance, taxes, etc.)
Rehab: $29,151
Staging: $1,264
Closing Cost: $14,576 (buy and sell)

Total Costs + Purchase: $152,547
Sales Price: $181,500
Rental Income: $1,842

Net Profit: $30,795

Commission Rebate: $4,995 (my wife was the listing realtor)

Total Profit: $35,790

Overall, this turned out better than we had expected. The Dallas market really heated up over the summer, so we were able to sell for around $15k more than we had planned. Here are some of the before and after pictures: