OK: here are some numbers. We are Husband+Wife team. First of all, we did manage to make money (T2G). Purchased end of May, closed on Dec, 20th. Would've closed Oct. 20th. but first buyer didn't qualify somehow. (This single thing cost us about $6K extra in revenue. ) ARV was $160K. House was 4BD, 2 story, 2.5 Bath almost 2000 Sqft. double garage, nice inner-corner lot. Purchase Price: $125K, Sale Price, $176K, we put down $21K +$10K Repairs, that and with the closing costs + the Realtor's fees was really close, but we still managed to come out ahead. A LOT of people, even from our REIA said we would be lucky to come out even on our first flip. Turns out we did make money and can't wait to do it again!!! (We are being cautious as 2020 IS an election year). Maybe we will try to do 4-5 BRRRRS in 2020, we are already eyeing our next one. Overall, even when the first deal fell-through, the house wasn't on the market more than 30 days COMBINED!!! It sold quickly as it was VERY beautiful, plus, it appraised for sales price TWICE even as the price was $15K more than the ARV in May. Not bad for a first flip, eh?
