First flip under contract!

12 Replies

So my wife and I have our first rehab project under contract after driving for dollars and mailing yellow letters for 4 months. Oddly enough this deal came from a FSBO sign I saw while driving a neighborhood on my way home from work last week. The home belongs to a very nice couple in their 70's who cannot keep up the property and have moved to Austin.

I just want to say thanks to all the fine members here on BP and @Joshua Dorkin for creating such a useful educational and networking tool!

Congrats and good luck!

Care to share the numbers? Or are you going to make us wait? :)

Good job, Josh. Yes, we want details!

I was hoping you would respond J Scott. I have read your books 3 times now and really enjoyed them.

I won't make you wait :)

The home is a brick 1951 traditional style on a corner lot approx. 1900 sqft.

Contract price-$40k
Repair est.-$30k
ARV-$120k

We will be using hard money to fund 100% of the purchase and rehab.

Originally posted by Josh Rogan:

The home is a brick 1951 traditional style on a corner lot approx. 1900 sqft.

Contract price-$40k
Repair est.-$30k
ARV-$120k

First, thank you for the kind words...

More importantly, great deal! If those numbers are accurate, that's a home run for a project at that price point.

Congrats...and keep us updated!

Sounds like great numbers and small enough to get your feet wet. The 100% financing is just icing on the cake.

Best of luck, keep us updated!

Congrats, and I hope you have many more to follow. Taking the leap is huge, and your profit margin looks huge given the exit value. Looks like the potential for 30k+ for profit. If that is the case that is huge for a 70k-ish investment, and infinite of course for your situation. Great job really.

Wow, those are unbelieveable numbers. Great job! I'm trying my best to find stuff like that but no dice yet. Yet.

Thanks guys. I have projected about $25k in profit in my analysis and that figures taking 6 months and having another agent list the property instead of myself (im licensed). The cost of money is significant being hard money (4% orig. and 14% interest) but I would much rather pay that than not have a deal!

Congratulations! We hope to join you in the flipping game soon!

This sounds great. Congratulations! Hope you'll keep us updated as the project goes along.

Congrats Josh! I love hearing about fellow investor's 1st deals! It keeps me motivated to get mine! =)

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