Ok...so purchased a 3br 1.5 bath home on July 17th in Marion, Iowa. I bought this home fully intending to flip the home and try to make a few bucks while doing it. Set to close Oct 31st, here are the details (I am sure I will leave out a lot of details but this is the basics):
Purchase Price: 53.5k
Rehab Cost: 13.5k (paint, carpet, redone hardwoods, new cabinets, tiled bath and shower, new light fixtures, garage door, new deck, new windows etc etc...this number includes re taxes as well ) I saved some money by doing a lot of the work myself..some painting, demo work, landscaping, etc.
Interest Cost: About $600 ( I got a construction loan from a bank..the interest rate is 4.75%...so very low)
So I am basically all in for 67.9k (53.5 +14.4k),
Sell Price was 109k and we went sale pending in 1 day!!
After commissions, prorated re taxes, and a lot more seller concessions than I would care to discuss....the net proceeds will be roughly 92,500.
This will leave me at closing with 24,600. But I do have to pay my contractor (partner on the deal) for his labor of 7,500.
This will leave me with 17,100. And the best part of this is that I put no money down!! My bank provided all the money to buy the property and finance the repair costs. Pretty cool!!
I am set to close on my next project Nov 3rd. Its a bank owned property that I bought for 38k (all cash, family member loaned me the money). Rehab costs will be about 12-13k with an ARV of roughly 83k to 90k.
Thanks for reading.
Very nice. Congrats!
Awesome! I'm in Waterloo, currently own 1 rental and living in what will be my second. How'd you get 100% financing from your bank? Would love to chat sometime.
Jeeze I need to start looking out of state to find these deals. Are you finding these on the MLS?
Yea, @Tyler Smiarowski what bank did you use, hills bank and trust?
Very cool man. Congrats. You are lucky to have such a bank. As that an insecure me loan? Godspeed man, looks like you will have 3 by the end of the year at this pace! 👍🏾
Looks like a nice deal. I'm shocked you were able to get that done for $13.5k. You would need to double that figure and do most of the work to get that much done in my area!
Congrats !! Hope one day I will have my deal . Recently became licensed and I am HUNGRY for a flip deal. !
Congrats on the flip.keep it up
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