House Flip Sold

Def Leppard Final House Flip Numbers

Danny Johnson / 11 comments

Here are the final numbers for the Def Leppard House Flip.

House Flip Timeline

Purchase Date:June 13, 2011
Listing Date:July 21, 2011
Contract Date:September 26, 2011
Closing Date:October 21, 2011
Total Days From Purchase To Resell: 130 Days (Just Over 4 Months)

We had a very interested buyer right out of the gate, but they didn’t want to wait over 60 days to close because of the darn FHA 90 Day Flip Rule nonsense. 🙁

Take a look at the closing costs when selling. That hurts. We still made a great profit however and from start to finish did not require a whole lot of time. The rehab was light and easy. This was really a pretty good flip. 🙂

House Flip Numbers

Intial Costs and Assumptions
Purchase Price:$100,000
Settlement Fees:$2,159 (title policy, closing fee, insurance, loan fee)
Estimated Repairs:$6,500
Resale Price:$170,000 (might have to go down to $160k quickly)
Estimated Profit:$63,841 minus holding costs and selling costs and likely reduction in sales price

Actual Resale Price:$164,900
Actual Repairs:$6,758.90
  
Holding Costs
HOA Fees:$303.00
Mortgage Interest:$5,865.18
Property Taxes:$1,340.18
Property Insurance:$270.00
Total Holding Costs:$7,778.36
  
Closing Costs
Realtor Commissions:$9,069.50
Our Closing Costs:$447.95
Buyer Cost Assistance:$5,874.10
Title Policy & Home Warranty:$1,685
Total Closing Costs:$17,076.55 (OUCH!)
  
Actual Profit:$31,127.19
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11 awesome responses to “Def Leppard Final House Flip Numbers”

  1. Pete on

    geeeeez…look at those holding and closing costs!! But that’s reality….something those shows on tv never talk about. There’s more to a P & L (Profit & Loss) statement than purchase price, repairs and sales price.
    Good stuff!

  2. Nathan on

    Aren’t you cheating on the numbers a little bit… a “buyer’s assistance” is essentially a straight line reduction in the purchase price. You sold it for $159k versus your estimate of $170k. You’re making your sale price look better and skewing your closing costs with the way you’re organizing things. Not that it matters, the return is still the same.

  3. Don on

    What is Buyer Cost Assistance?

  4. Pat Chadwell on

    I love your information. You make the process very real. I think a lot of would-be investors hold back out of fear. I am a real estate broker and I too laughed every time the reality Flip show as they give the profit which is not the net profit after expenses, etc. Thanks for these posts.

  5. Ed O on

    Crongrats on more success! It’s great to see what you’re doing. While everybody and their brother are saying flipping is impossible, it’s guys like you that remind us to laugh at the foolish naysayers. Keep up the great work and thanks for sharing it!