The very, very late conclusion

I don't have any excuses. I can say I have been busy, which I have been, but so have most of you probably. I apologize for not posting a final update on our first flip shortly after we sold it. I imagine some of you probably think that I didn't post a final post because something went wrong and I didn't want to talk about it. Well, fortunately for me that wasn't the case. So only about a year late and here it is...

We bought the house for $65,500. Our acquisition costs were $613.85. Utilities, including hook-up costs ran us $375.60. Holding costs, including insurance and interest on the HELOC totaled $1,676.33. Rehab costs ran us $29,454.40. That gives us a running total of $97,620.18.

After negotiating with a crazy buyer's agent we ended up selling the house for $137,500. Closing costs, not including our agent's commissions set us back $6,304.82. Our agent got $7,345.88.

So all in all our expenses totaled $111,270.88 which left us with a pre-tax profit of $26,229.12. Since the house was in Florida we don't have to pay income tax there, however since we live in the Socialist Republic of California we do have to pay massive income taxes here, on top of the capital gains taxes. We are firm believers in karma and paying it forward, so we calculated an after-tax profit of $15,999.76 and made $1,600.00 in donations to various organizations. 

Since then, unfortunately, the market has gotten even hotter in the area we flipped and we haven't been able to find another property that meets our criteria. Therefore, our flipping has so far come to a grinding halt, but we're still looking for another property. 

So in closing, we were very happy with the experience. We learned a lot, we made good money, we were able to help others, and we hope to be able to do it again soon! We hope we have inspired some of you and helped others avoid some bumps in the road. Please feel free to comment if you have questions or feedback and if we are fortunate enough to find another property to flip I'll try to do another post on that one as well.

Cheers!

Eric