OfflineI just got word from my agent today that I got another one accepted. This will be my 5th rehab since March. I estimate net profit to be around 25-30k. SO EXCITING!
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I just got word from my agent today that I got another one accepted. This will be my 5th rehab since March. I estimate net profit to be around 25-30k. SO EXCITING!
CONGRATULATIONS!! I feel so proud of you!!
YEEEEESSSIR!!! keep that mojo going !!!!! Keep doing what your doing....sounds like its working.great job man...way to make it happen.
jay
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Thanks, I always appreciate your enthusiasm and way to go on your new deals!
Awesome bro! Whats the deal? How are you financing this one? I can't wait to say I have another one going and I have a contract on the flip. I love this website! You see how it is happening, you just have to be in the game.
SEMPER FI
GET SOME!
Do tell more. Is it an REO? How'd you figure your offer? How do you run your rehabs? Thanks for sharing and congrats!
Blessings & Favor,
Gena.
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nice job! seems like you got the ball rollin'!!!
Share the details, I'm sure everyone here wants to know how you estimate your 25K profit!!!
Wishing everyone success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
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This house is a forclosure and Hud home. Just by knowing the area and recent comps I should be able to sell it at 124,900. the only downfall is with the fha 90day seasoning a new buyer wont be able purchase until roughly December/ winter and in the midwest that's certainly not the best time to sell. However, as sexy as I plan on this house being I'm confident I'll be able to sell. I had my agent put in the offer at midnight as soon as it was available, so I may have just beat anyone other offers on getting it in so early. Also the hml that I've used on the other deals is financing this one too and my dad is putting up the rehab costs... another deal with no money of my own:)
The numbers: This is how I figure all my flips, everyone has a different formula but this has worked well for me.
Final flipped price 124,900
purchase price - 58,650
rehab costs - 20,000
15% buffer - 3,500
paid closing costs - 3,000
agent fees - 8,743
hard money costs - 5,200
= 25,807
I always look for a minimum of 20k profit otherwise I won't do the deal.