We bought House #18 in August and 154 (5 months) days later we closed our sales escrow. Once again, Christmas and New Years slowed down our sales escrow by 2-3 weeks and we needed a review appraisal which took another 7 days.
Our purchase price was 42.3% of the sales price and our repairs where 18% (I need to double check our final repairs costs). Putting our purchase and rehab at an estimated 60% on the dollar. The market has sure gone up since we bought this one!
We had it under contract about $15,000 higher than it appraised, I knew we would run into appraisal issues, and we ended up splitting the difference with the buyer (they paid $7,500 over appraised value).
Although, we have been making purchases our inventory level, especially with properties we are flipping is really low! We did put one more under contract today that will be a flip. But we really need more inventory to work on. I think it is time to start really shopping for properties again. We where supposed to close on 5 purchases in January, but two properties ended up getting the electric meter pulled while in escrow so the bank needs to fix it or give us a discount.
Our appraisal came in at a great number for the mansion house (House #26) so the buyer is ready to move forward, they are going to pay a little above the appraised value.