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Jose Garcia
  • Flipper/Rehabber
  • Orlando, FL
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First BRRRR deal is it worth it ? Please help thank you

Jose Garcia
  • Flipper/Rehabber
  • Orlando, FL
Posted Jun 23 2019, 20:57

So I have this deal that I’m looking at and want to know if the deal would be worth it ? Someone please help and I thank you in advance, here are the numbers :

Asking price : 39k , repairs are around 15k and ARV is 72k taxes are 1600 ,

The terms from my lender are as follows for 50k loan : 6 months for 3 points and additional 2 points for 3 month extension so 9 months for 5 points , the fees are 1200 and I will be rolling fees and points into the loan with an interest rate of 8.29%

Now I will be getting an inspection soon for $325 and I want this deal to workout but the only thing that I’m thinking of that’s having me worried is if the property will appraise for the 72k , along with the inspection if there are damages that might exceed the 15k once I have a contractor give me a bid. Am I being too hesitant for the wrong reasons ? Or is this a good deal considering all numbers ?

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