This is my second out of state project. This project was a new build flip. State Ave. had it’s ups and downs (Maybe more down’s than up’s hahaha). This project should have taken 5-6 months, but it took 10 months. Because for the delayed time we finished right in the middle of the COVID-19 shutdown. We had and 2 month delay for permits and the build took 2-3 months longer. Overall though I felt like the home turned out well (Even though we didn’t get much say in the design (Long Story))
Before we started we Anticipated a 370-380k sell price our initial appraisal came in at 395k. Once the house was completed we decided to list it at 389k, but do to COVID and our design we ended up dropping after about 20 days to 365k.
Numbers:
Sell price: $364,900
Loan: $245,000
Fees/Closing: $16,420.50
Holding/down payment/ other costs: $65,175
Profit: $38,304.50
Things I learned:
1-Clarify expectations upfront (design, timelines, etc). We hired a project management company and we were given very little opportunity on the design (which was frustrating). This is something we had to work through.
2- If things are delayed what kind of penalty is in place?
3- COVID-19 Sucks all around hahahahaha
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