The Batcave is finally sold! I just returned from the closing this morning. The buyer, her agent and banker all loved the house. If you’ve read the story of this house, you might understand how much of a financial and emotional burden has been lifted from my shoulders. This was a great learning experience, but the circumstances surrounding this long, drawn out project have revealed a new cause that I want to support in my life. I’ll post further details of that in This Post.
Here is the financial recap of the deal:As you can see, the additional holding costs really hurt. Here is what the holding costs would have looked like if I could have sold the house by July 1st 2011, as originally planned :
Also, I did most of the interior work myself, so part of my materials expense was for tools and supplies that I will be able to use in future projects. If I didn’t have to purchase these things, my rehab cost would have been lower.
Without the extra holding costs of $6,214.14, my profit would have been $19,716.51. This would not have been a home run, but it would have been a solid double into the corner. But as it stands, I’m standing on first with a leadoff single. And I’m happy with that, because any profit is better than a loss.
So now that this one is wrapped up, I’m chomping at the bit to find another deal to start on. Thanks to everyone who played a part in making this happen, and thanks to all of you here on the blog for following along and keeping me motivated.