Friday, February 8, 2008

Flip File - Southlake Drive


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:

Candice said...

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!!

Tracy said...

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!