House #48: Final Analysis

April 26, 2014 · 4 comments

I mentioned last month that we had House #48 under contract for the second time. I just realized that I haven’t posted an update on this one since then, but I guess no news is good news…we closed on the sale of this one today…

This was another Milwaukee project and this second closing went very smoothly. We allocated some expenses from another project to this one, but ignoring those unrelated expenses, my partner and I split just under $40,000 in profit. While this was a long (and sometimes frustrating) project, I’m glad we were able to turn a profit on it; and after the “excitement” surrounding the first closing, I’m glad the second contract went smoothly.

Here’s how the final numbers break down:

Looking forward to closing another one next week…

4 responses to “House #48: Final Analysis”

1. Alison Miller says:

   April 27, 2014 at 10:48 am

   Hi J.,

   I see you don’t have an expense for interest or cost of funds. Did you do this deal with all of your own cash? Just wondering.

   Also – is there a spreadsheet template behind this summary that you’d be willing to share?

   Thanks, Alison

2. J Scott says:

   April 27, 2014 at 2:43 pm

   Hey Alison,

   We paid cash for this one (given that, the returns weren’t great, as the project took a year and I hate tying up cash that long). Here’s a template you can use:

   http://www.123flip.com/education/rehab-analysis-spreadsheet/

3. Kyle Cabral says:

   December 23, 2014 at 3:11 pm

   Hi Jay,

   Quick question. I know your wife is a real estate agent but how do you guys get away with not paying broker fees? Thanks.

   Kyle

4. J Scott says:

   January 1, 2015 at 1:31 pm

   Hey Kyle,

   My wife and I are affiliated with a broker that allows us to pay a monthly fee and then keep 100% of our commissions.