Flipped a House for $22,000 Profit in 35 Days

We purchased a 5-bedroom/2.5-bath house for $87,000. We spent $6,000 in rehab (interior paint, all new floor coverings, misc cleaning and yard work), and put the house on the market for $119,900. Similar houses in this plat are selling in the $130,000 – $150,000 range, and we put this one on the market at a price to sell quickly. In three days, we had a full price offer, and the deal with the buyer closed today.

After paying 3% to the selling Realtor and miscellaneous closing costs, we made $22,000. Who said flipping houses is illegal? Not in my market!

By CREOnline Contributor

A content contributor to the original CREOnline.com.