just got word thst my offer was accepted on a pretty sweet deal. I am freaking out with excitement. I wish I had a mentor but this site has helped me alot. Hopefully the inspection and things go through. Any advice going in?
Congratulations and good luck! My advice is: the faster you can respond to the bank, the less likely your loan will be delayed. Don't get upset if it goes a lot slower than you anticipated! It happens to everyone. I respond with documents in under an hour 99% of the time. Most of the time I close on time, but there have been times when there is literally nothing you can do about the delays.
Congrats! @Danielle Jones
Would you mind sharing more details on this deal/offer?
Are you looking to wholesale the property, rehab and flip or buy and hold?
Congratulations on having you offer accepted and good luck going forward.
It is my first fix and flip...ALONE. I've been in the wholesale game and was looking to venture out more
Purchase price is $130k
Rehab/repair $30k or less some of the work will be done by my husband
My lender has to evalute the property to confirm thr ARV because the tax accessment says thr house has 4 bedroom and it truely has 6. Theis single family home is in the beautiful neighborhood of Newport News, VA not to far from my own home. I worked with a realtor to get the house and she is also going to help sell it.
That's great. Sounds like a solid deal that should have an excellent profit margin from what you've posted! Best of luck!
Congratulations and thank you for sharing some of the details! I think it's important that we all share our excitement and successes as well as our setbacks, as there's a motivational force behind seeing others in our field succeed. If you can, keep us updated on the progress and the final result. We're all rooting for you!
Congratulations and good luck! Sounds like a great deal!
Congrats! if everything shakes out as you plan, it would be a nice turn around. Goodluck!
Looks like that's going to be a nice spread if all works out with your numbers @Danielle Jones , congrats!!!!!
You say you worked with a realtor. What help did a realtor provide in getting a house at less than 50% of ARV ? Or let me just ask how you found this deal? ?
Congratulations, Danielle! Which neighborhood is your deal in?
Congratulations!! Good luck!!
The neighborhood is Pear Tree Hill
And I found this deal by a drive by. My realtor sent me information on a property in the area. I went to see it and passed up on it the stumble upon it
If you haven't already I strongly suggest you buy @J Scott's book on flipping houses and his companion book on estimating costs.
Two further bits of advice. 1) make sure your husband keeps focused on the project and 2) don't over rehab- Find out what has sold quickly bad match your upgrades to that.
Congratulations! I have a fix and flip that i am looking into for a great price but funding is where i am stuck..just dont know where to begin..
Congratulations! That profit margin looks real nice!
Congrats and good luck!
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