2d (edited) • How I closed a deal!
We made 42k profit on our flip!
Last December, we bought 506 maple st. through direct mail marketing for 22,000. We remodeled the house completely for an additional 122,000, which we completed using our own cash. We turned it into a 3 bed 1 bath. We put it on the market and it went pending in just 3 days.
Purchase price: 22,000
Rehab: 122,000
Holding cost: 0.00
Total Cost. 144,000
Sale price: 200,000
Selling cost (13,500)
NET Profit: $42,500
Tax Benefit: We made sure to hold this property for a minimum of 1 year so it would be treated as LTCG, which means most of the profit will be taxed at 0% and a little at 15% for federal, and 0% for state. We are currently looking for a 1031 exchange property so we can defer all taxes!
Reach out to learn more about the tax strategy, or ask us what things cost to complete a remodel!
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We made 42k profit on our flip!
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