Now, we pick up where that post left off and talk about our purchase.
Our starting profit from the sale of our condo was $181,691.35.
From there, we purchased a 2 bedroom condo in the same complex.
- Down payment $164,000 (From the sale of our first place)
- Inspection: $300
- Admin/Origination charges: $899
- Processing Fees: $495
- Appraisal: $410
- Flood Cert: $11
- County taxes: $46.78
- Endorsement Fee: $25
- Recording Grant Deed: $9
- Recording Trust Deed: $57
- Notary Fee: $175
- Messenger fee" $25
- Archiving fee: $80
- E-Document fee: $100
- Escrow fee: $798
- Lenders title insurance: $357
- Sub escrow Fee: $37.50
- Recording fees: $150
- Home Owners Insurance: $400
- Prepaid Interest $140.24
- HOA Dues (June) $93.33
- HOA Dues (July) $350
- HOA Processing Fee: $50
- Lender Credits +$6.40
- Seller Credits +$1,200
Money spend to move into the new bedroom: $167,834.96....
Remaining Profit after both transactions: $13,856.40
Then we moved in and started the remodel... (yup, after the boxes were out of the u-haul, we ripped out our mater room closet the same day)... Here's what we have spent so far on the remodel.
- Washer/Dryer/Fridge - Delivery and Install: $2,037.61
- Dryer Hoses: $17.26
- Stove/Microwave - Delivery and Install: $982.82
- Stove plug: $32.31
- Reverse Osmosis System: $233.53
- Stove Outlet Labor: $40.00
- TV Mount for Living room: $135.00
- USPS Change of Address: $1.00
- Bathroom shower rod, curtain, hooks, tub fixtures: $234.47
Current Profit remaining: $10,142.40
We are only just beginning... and i'm sure we will go in the red before we hit the green again, just like the last place... but some things shouldn't wait to be fixed in this place, so we are quoting our and fixing things one at a time.
- Our current project is the bathroom...
- We are simultaneously getting window quotes approved by our HOA since that's a "we have to pay" someone to do it job and can't do it ourselves. (We have 2 quotes we are waiting to hear back from. Home Depot and an independent contractor from a trusted friend since the guy who did my windows last time isn't available).
- We are getting tons of quotes for jobs so we can see how our budget will stretch, including flooring, electrical, etc. We already priced out AC options and decided to table that for the end since the bottom unit is much cooler without the hot attic above us already. A few well placed fans and we are managing these 100 plus degree days.
- Heat on the other hand, that needs to be quoted for repairs still.
- Then, we are re-doing all the jenky electrical. We thought this would be a SCB DIY project, but the bottom floor means dry wall work (unlike our other unit where he could simply get in the attic and do the can lights and fans....) and he knows his limits. Plus we want to add and move outlets and knock out a wall... so, were paying someone and he's buying parts from work with his discount. We'll get it done in 2 days instead of a month plus and we won't worry about our toddler electrocuting himself... or us setting the place on fire (there was a reason our stove outlet was removed and replaced within a week of living here....)
So like I said, we'll hit the red sooner rather than later and we'll slowly crawl out of the hole from there.