Hoping it’s all going smoothly to finalize this house, and move on to the next!
FINAL REVEAL - BUDGET UPDATE
This project was definitely my largest Home Run!!! but it is all relative compared to how long it took. It had the potential to be off the charts, but started going downhill really fast - especially the day the City Code Officer arrived 
SALE PRICE = $886,000
Less $ 27,500
(commission, title insurance, escrow, property tax prorations)
NET PROCEEDS = $858,500
LESS
Purchase Price = $553,250
Remodel = $151,200 (actually a little less than I predicted)
Carrying Costs = $32,750 (more than predicted because escrow dragged on)
PROFIT = $121,350
But, in reality I have not sold a house since Flip #2 which closed in June 2014. I did have a remodel project in between, but this house essentially used up about 9 months of time between searching for the house, waiting for house purchase, stopping work for a bit, remodeling, sales period and waiting for money.
In addition, I incurred about $9,000 in business overhead expenses during the 9 month period (there were some large medical expenses for the work accident last year)
I should have my head examined, but I am off and running searching for the next project. Just cannot seem to help it, am searching everything daily. I will start a new thread for the search in a little bit if anyone is interested. You all must be tired of these projects by now. Also, I think I’m going to buy something boring and a little less risky / sexy / special this time.
Hahaha, if anyone is interested, she says in post #2702.
Congratulations on this one.
Thats a great profit!
If we were, we wouldn’t be avidly following this thread!
(cb, when it’s your money that’s at risk, how could we be tired of it?)
Is that Schedule C income so basically half of the $120k profit goes to taxes (income taxes and 15.3% SE tax)? Don’t answer if too personal.
More, more, more please!!
Yes, more please! Was thinking you deserve a vacation but was HOPING that you’d immediately start the new search so that I would not go into withdrawals. I’m definitely addicted to this thread!
Please continue to post your flipping adventures, coralbrook. Yours are my favorite CC threads. In fact, CC should underwrite your projects for all the traffic that you generate on their site
I may have this just slightly wrong… if you sell more than one piece of real estate a year, AND you purchased a piece of real estate solely for the purposes of investing, then it is considered regular income. It is not treated as Capital Gains or Short Term Gains or whatever.
I was very naïve in the beginning, but after the Stalker event and some strong words from a CPA, I have created a LLC that owns the properties and I am taxed as an S Corp. So, the final result at the end of the year passes straight through to my personal income taxes.
It is treated as income and I am taxed as if I received the monies through a monthly pay check. I just have to be really diligent and quickly pay some quarterly estimated taxes or I end up over extended again in the next project.
Oh, I don’t pay the full SE taxes because I pay myself monthly (when I have any money, sometimes I go months without getting paid) from the LLC and the rest comes through as Shareholder Profit (without self employment taxes required)
Glad this one is sold, and at a reasonable profit. Looking forward to the next one!
Did you put gas money and truck repair/milage into the profit calculation?
Those are good questions…
I personally don’t count mileage back/forth to the project because I feel that it is the same as if I was going to my ‘place of business’ each day for work. However, I do keep track of mileage when I drive all over kingdom come to view or inspect houses, and the hundreds of miles getting materials and going to the dump! I use the mileage method for a business expense and it is included in the business overhead figure included above which will be deducted from taxes.
Haven’t really bothered with truck repairs, but I did have a large truck repair this year so I will see if that can get written off.
You cannot take credit for mileage Plus repair.
Ask your accountant.
Is there going to be a Flip This House #4?
I surely hope so!!! Cb is already on #15 while looking for her #4! 
http://talk.collegeconfidential.com/parent-cafe/1768650-flip-this-house-4.html#latest
Holy moly, how’d I miss this? Thanks!