Here are numbers from a recent personal house fixing up experience...
** To protect the new owners, I won't be giving out the details of the location of the property.
Purchase Price - $206,000
Amount of fees I had to pay when I bought it - $6,436.52
Amount of commission I got when I bought it - $6,180.00
The cost of new siding (hardiplank), paint, Pergo flooring, carpet, door hardware, front door repair, 4 mortgage payments, 2 new garage doors and garage door openers and utility bills came out to $25,754.91.
Now this was an actual "house", not a townhouse nor a condo. This one involved a moderate amount of work. I outsourced ALL of the work except for the garage doors (Dan and I hooked those up).
That means in order to break even, I had to sell it for $232,011.43.
The actual selling price... $294,500.
Here are the fees I had to pay at closing... $8,835 to the selling real estate agent, $605 in taxes (that I owed for that 4 month period), $5,242.10 (1.78% excise tax), approx $1400 for title and escrow.
After fees, the total I got to keep was over $46,000 in just over 4 months. Pretty decent return especially since I didn't do any of the work except for spending one weekend putting up garage doors.
2 comments:
I love how you make it work. Hopefully there are many many more of those to come in your future.
Jin, Just wanted to say thank you and michelle very much for coming to my birthday, I ended up getting properly trashed and I'll make sure that gift card gets put to good use (aka not on perfect dark). We should kick it sometime.
Austin
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