Calculating My Potential Profits

[Brandan Roland]

Hi Everyone, 

I am a  brand new 25 year old investor and I just purchased my first property on last Monday to flip. We began working on last Friday. Although I am extremely excited I am also extremely nervous. 

I've used several different calculators to calculate my potential profits. I am not sure if I am doing it correctly. I will put all of the details below and also attach a image of my Settlement Statement. If anyone one with experience can help me out with this when you get a little time, It would be greatly appreciated. 

Financing through Sherman Bridge 

Terms: 

-12 Months Interest Only Payments 

-80% of cost 

-Holding back 80% of Rehab ( 20% is self funded)

-Interest Rate 10.99% 

-2.75 Points 

-$1100 Processing Fee 

Purchase Price $105,000

Rehab Cost $78,950   Estimated Completion 80 days

$31,662.36 out of pocket. 

See attached Settlement statement 

Any help or suggestions are greatly appreciated.