localmentor's video: Real Estate Investing Training Video - How to Flip A House Part 1

http://www.localmentor.com Get more Flipping Houses training resources here for FREE. In this video I show you a house I just bought on Friday. Retail Value is $285,000, Purchase Price was $206,500. Repairs needed: New mini-blinds, remove wallpaper, repaint interior, replace deck boards, repait exterior trim and deck, update some fixtures, replace the downstairs carpet - totalling around $7,000. Very light rehab numbers. We'll sell this for around $285k, less 5% commissions = 270,750 - less 7,000 rehab - less 206,500 purchase price = $57,250 Profit before taxes. Split 50/50 with my lender = 28,625 profit before taxes. I goofed in the video and said 28k AFTER taxes - that is BEFORE Taxes.