Off the deep end South of Austin TX in Wimberley with our first flip!
Greetings Everyone,
My name is Darin, and I am shaking my head these days. I have been studying, reading, scanning and contemplating this path for the past several years, and always said, I should try and turn several houses for a profit and see if we can make a go at this... But the kids need to get to school, crap the dog has fleas again, I already have a solid job. it can wait. Oh boy, corporate downsizing...... No job anymore. Damn. And for my next career move, "Honey, lets go find some houses to flip!!!!"
This is the first true plunge into flipping homes that I have taken. This past Sunday, I landed our first contract on a 3/2 single family residence of 1800 sqft here in the hill country.
we arrived at the following numbers
90,000 For the property (did he really just agree to this?)
45,000 for repairs (estimated high because who likes to run out of money)
11,500 First closing costs (Yes sir may I please have another, gulp)
7,600 holding costs ( so that is what 13% interest a month looks like)
9,700 Second closing costs (time to make my better half REALLY happy)
195,000 potential ARV based on comps in the area
$30,000 plus in profit. (if I line everything up correctly and a meteor does not strike the house)
Okay here is the plan that I am going to try to stick with this project. I will document it. The good (did they really just agree to this price). The rotten (has plenty). The leaky ( Roof tar is not the right way to fix things. Duct tape is). The triumphs (Yes, I did just score a closeout deal on product that actually matches the design and adds $800 to the bottom line) and the Marketing and selling (which is where the fun really begins).
Okay so here is your part in this. Let me know when I SCREW UP. If you see something PLEASE let me know. BP, you are my GURU. There I said it. if you think I need help I probably do! Speak up!
Up next my to do list before closing.
Cheers,
Darin