House #35: Final Analysis

October 10, 2012 · 9 comments

We sold The Rookie House today…

When we originally purchased this one, we knew it would be thin deal, and were pretty certain that we weren’t going to make our minimum of $15,000 profit target. In fact, our sole goal with this house was to cover the vet bills for our dog, who got very sick the week we first made an offer on this house. I’m happy to say that our dog has made nearly a full recovery over the last few weeks and also that the profit on this house covered all the vet bills (which tallied to about $6000!) and more.

Here is the full final analysis for this one…


Here are the key timeline milestones:

  • Purchase Offer Date: 5/29/2012
  • Purchase Closing Date: 7/6/2012
  • Rehab Completion Date: 9/7/2012
  • Sale Listing Date: 8/28/2012
  • First Sale Contract Date: 8/28/2012
  • Final Sale Contract Date: 8/28/2012
  • Sale Closing Date:10/10/2012


Here is the breakdown of financials for this project:

Rookie House Financials

The closing attorney hasn’t yet received the final HOA payoff letter, so I’m just guessing on the $100 for pro-rated HOA dues, and there are no pro-rated taxes on this one, as the county is not charging property taxes this year on this property because it was uninhabitable prior to our rehab. As a reminder, here was the rehab breakdown on this one.

Final Statistics

Here are just some of the final statistics that I’ve been tracking for all my projects, and that summarize the success/failure of each project pretty well:

  • From Offer to Purchase Time: 38 Days
  • Rehab Time: 60 Days
  • Selling Days on Market: 0 Days
  • Selling Close Time: 43 Days
  • Total Hold Time (Close to Close): 96 Days
  • Total Profit: $12,606.05
  • Return on Investment (ROI): 17.30%
  • Annualized ROI: 65.79%

9 responses to “House #35: Final Analysis”

  1. Ernie Rossi says:

    Just came across your website, very cool. I too have bought and flipped a couple homes and enjoy seeing how others have done in different markets. Keep it up.

  2. Whitney says:

    I’m so glad your dog is okay!! I love your site, it’s very inspiring, one day I hope to be doing the same!

  3. J Scott says:

    Thanks Whitney!

  4. Cliff says:

    Congrats j. 12k is still better than going to a job. Lol…

  5. Paul says:

    Hi J,
    I noticed your days( hrs?) on market is 0, did you already find your buyer before you offered on the house? Do you mind sharing the tips to sell at light speed? (All of your property sell super fast) Also I see you have washer/dryer in the house, are they go with the house or they’re just your staging props?

    Love your site, very detailed and informative. Paul

  6. J Scott says:

    Hi Paul,

    We have a very good relationship with many of the most active buyer’s agents in our area; when an agent gets a new buyer, they’ll often call us to if we have any properties available or coming up (the agents know we are easy to work with, our properties are great, we’ll bend over backwards to ensure the buyer gets a good deal, etc). This house was a case where an agent we’ve worked with about a dozen times in the past had a new client, called us, and we sent them to the house to see it, even though it was still torn DOWN TO THE STUDS!

    Agent was still able to get the buyer to sign a contract, a month before the rehab was complete. We closed a month after the rehab completed, but never had to actually list the property on the MLS.

    As for washer/dryer, we’ll generally put them in our lower-priced properties as those buyers are generally first-time homebuyers who are looking to get into a property with as little cash as possible. By offering all appliances (including washer/dryer), our property will be much more attractive to these buyers than a property where they would have to shell out more cash for things like appliances, washer/dryer, mini-blinds, etc.

  7. Wayne Terry says:

    Great advice. Thanks! Do you have a RE license?

  8. J Scott says:

    Hi Wayne,

    Yes, my wife and I are both licensed (just to help our business).

  9. Andrew White says:

    Can I ask,
    When looking for comparable’s before buying, how do you know which houses to look at in regards to what the houses look like inside? Im looking on the internet at other recently sold homes near a potential flip but im finding it hard to know which homes near by have been bought buy other investors because the condition of the house is not so good or which homes have been sold after refurbishment and therefore the value would be more etc. I hope you understand what I mean. Any advice would be great. Thanks

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