Well, we finally closed on Friday and now I can do the big reveal on our financial specifics. In case you missed the big reveal on the way everything looked, check it out. I'm super proud of our work. I shared our original projections back when we first bought the house. We were WAY OFF in a good way. As a re-cap: our projected profit was $13,099. That was a purposely conservative projection, which made us feel good about this investment. We figured that we would probably make more. We didn't anticipate how much more our profit would be! Here are the details: Purchase price:$ 155,000 Rehab costs$ 38,732 Holding costs:$ 5,017 Closing costs:$ 7,923 Realtor fees:$ 13,750 Sale price:$ 275,000 Profit:$ 54,578 Obviously, the biggest error in our projections was sale price. We had expected to sell for $235,000 and ended up selling it for $40,000 more than that. The market was on fire when we listed the property. John and I argued a bit about the listing price of the house. I was arguing for much lower (I'm embarrassed to say this, but I was saying $249,900 to get at those with a $250K max price). John, my realtor boyfriend/business partner, had done the comps and wanted to list ...
Flip #1: Before-After Photos
After 3 months of working on it, we put our first flipped house on the market in mid-March and went under contract shortly afterward. Closing is around the corner, but I'm superstitious so won't be sharing any of the financial details until the money is in the bank. But, stay tuned and keep your fingers crossed for us that the closing goes smoothly! In the meantime, I've finally gotten around to organizing the 100s of photos I have of our fist flip project. While John did the lion's share of the labor on this project, I made every single decision around finishes and look. There were definitely some hiccups (mental note: white penny tile + white grout = blech), but all-in-all I think it came together nicely. For all of you out there who thinks it sounds like fun to choose the finishes, it is...but it's also very stressful (especially when your boyfriend/business partner is impatient with how much time you are taking to look at tile!). It's one thing to choose a tile you like. It's a completely different story when you have to think through whether that tile will look good with the vanity you are choosing, and whether that vanity will ...
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