So apparently the last month went by and I forgot to finish up my series on the first home we flipped. Things have been crazy with our son getting sick, parents visiting, and my company changing names to Berkshire Hathaway HomeServices……and all the training that goes along with it. Needless to say I am glad things are back to normal.
So as you might have been wondering its time to lay out the expenses involved with the first home we flipped to see what kind of cash we will be rolling in!
We went from this:
To this:
And here is how is finished up:
Purchased for $127,900 (contract price)
Settlement Charges $2,512.88 (in addition to purchase price)
Investment $42,268.62
Sold $183,000 (contract price)
Settlement Charges $11,086 (includes Realtor Fees)
Profit $12,690.14
Total Salary Paid $8,000 ($2,000 per person)
Keep in mind this took just over 6 months to do, we had 4 equal owners that split the profit, and we did all of the work our self. So this was not for the faint at heart and this was no get rich quick scam either. Even though we didn’t make a lot of money on the first home we still made some profit and most of all we learned what to do and what not to do on the next home. And yes…..there is a next home.