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We closed on Southlake on 2/7/08!
I don't want to be too sharing here, but everyone knows that the most interesting part of "Flip This House" is the flip file at the end. While I personally think most of the "Flip File" numbers are pretty bogus (they rarely deduct realtor commissions, for one thing!), I thought I'd post an ACTUAL Flip File.
Southlake Drive:
- Renovation time: 3 months
- Marketing time to close: 2.75 months
- Original budget for construction and holding costs $28,500
- Projected value after renovation $125,000
- Profit goal $20,000
Sales Price (after seller concessions) .................................................$126,900*
Purchase Price ...........................71,500
Construction Costs .....................24,557
Holding Costs ..............................4,354
Commissions and closing costs .....5,425**
Total Expenditures .........................................105,836
Net Profit (before taxes) ...................................21,064
*The house actually appraised at $135,000 after renovation
**Not including Kathy's commission
2 comments:
Awesome! I love the flip file. Those shows really make it seem like the people make a lot more than they actually do. I think they are doing a *little* better job but still. Thanks for sharing and congrats! Job well done!!
I would love to see you guys on Property Ladder or Flip this House...unfortunately, I think you are too smart and actually understand the concept of flipping houses. Well done! Can't want to see your future projects!
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