Making progress on the “tree house” we purchased only 3 weeks ago. Foundation fixed, framing done , electric, HVAC, and plumbing almost complete with rough-in inspections scheduled for next week 💪🏾. We are pretty sure its new owner is going to love these tall ceilings and spacious bedrooms. 🙌🏾. .
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On another note, what we have discovered is that people forget that there are more costs to flipping than just renovations. .
.
.
When new investors start out , they think the math goes like this:
Sale Price - Purchase Price - Renovations= Profit. ❌❌WRONG ❌❌ .
.
.
Just to name a few additional costs, there are: •closing costs (title company fees when buying & selling)
•utilities (gas, electric, water)
•commissions (if using a realtor to sell)
•property taxes
•insurance
•interest/points (if borrowing). .
.
.
Don’t forget to calculate ALL costs associated with your flip from purchase until sale when analyzing your deal. (And wholesalers, it’s always good to include these costs in your numbers also to determine if it’s actually a good investment for your cash-buyer). .
#bAuyandflip #husbandwifeteam #realestateinvestor #buyandsell #fixerupper #fixandflip #flippinghouses #flipthishouse #realestatelife #louisville #flippinghouses #buybacktheblock #hgtv #fixerupperstyle #biggerpockets #houseflipper #blackrealestate #homerenovation #rehabaddict #kentuckyrealtor #flippers #fliporflop #realestatelife #diy #louisvillehomes #kentuckyhomes #kentuckyrealestate #loweshomeimprovement #propertyinvestor
.
.
On another note, what we have discovered is that people forget that there are more costs to flipping than just renovations. .
.
.
When new investors start out , they think the math goes like this:
Sale Price - Purchase Price - Renovations= Profit. ❌❌WRONG ❌❌ .
.
.
Just to name a few additional costs, there are: •closing costs (title company fees when buying & selling)
•utilities (gas, electric, water)
•commissions (if using a realtor to sell)
•property taxes
•insurance
•interest/points (if borrowing). .
.
.
Don’t forget to calculate ALL costs associated with your flip from purchase until sale when analyzing your deal. (And wholesalers, it’s always good to include these costs in your numbers also to determine if it’s actually a good investment for your cash-buyer). .
#bAuyandflip #husbandwifeteam #realestateinvestor #buyandsell #fixerupper #fixandflip #flippinghouses #flipthishouse #realestatelife #louisville #flippinghouses #buybacktheblock #hgtv #fixerupperstyle #biggerpockets #houseflipper #blackrealestate #homerenovation #rehabaddict #kentuckyrealtor #flippers #fliporflop #realestatelife #diy #louisvillehomes #kentuckyhomes #kentuckyrealestate #loweshomeimprovement #propertyinvestor
