Wholesaler · Fort Worth, TX · Member since 2011 · 163 posts · 45 votes
So my wife and I have our first rehab project under contract after driving for dollars and mailing yellow letters for 4 months. Oddly enough this deal came from a FSBO sign I saw while driving a neighborhood on my way home from work last week. The home belongs to a very nice couple in their 70's who cannot keep up the property and have moved to Austin.
I just want to say thanks to all the fine members here on BP and Joshua Dorkin for creating such a useful educational and networking tool!
Congrats, and I hope you have many more to follow. Taking the leap is huge, and your profit margin looks huge given the exit value. Looks like the potential for 30k+ for profit. If that is the case that is huge for a 70k-ish investment, and infinite of course for your situation. Great job really.
Thanks guys. I have projected about $25k in profit in my analysis and that figures taking 6 months and having another agent list the property instead of myself (im licensed). The cost of money is significant being hard money (4% orig. and 14% interest) but I would much rather pay that than not have a deal!