My Flip Deal - Berg-Lasher Subdivision - Detroit
Hi Guys
This is one of my recent deals/flips in Detroit in the Berg-Lasher subdivision
This was a distressed purchase, 3 bedroom ranch home.
Rehab includes new roof, flooring, external brick cladding, 4th bed addition, new kitchen with granite counters and modern new bathroom
House across 4 bed/2 bath sold for $130,000
ARV - $115,000 to 130,000
$27,000 purchase price
$31,000 rehab cost
$6900 (6% selling cost)
$2000 (closing costs?)
Expected Profit - - $48,000 @ $115,000 (est sales price)
I will continue to update you on this project.
Currently in the early stages of this rehab and will provide update/photos along the way
The only down side to this project is we will be selling in Winter, may be a tad tougher to sell?
Time will tell
Watch me turn an ugly duckling into something special.... Fingers crossed
Most Popular Reply
Hello. I am a newbie here to the Forum, but and I am currently binge listening to the bigge pockets podcast. I am also looking to invest in the atlanta market. What I think Kelsey means is that the prices of houses can only go up so far and the price increases is starting to slow down and will likey start to go down in the next couple of years because of the current economic cycle with schedule increases in the fed interest rate for the next few years. When house prices start to depreciate it’s harder to flip houses and buy and hold becomes a better strategy. I think we are at the top and the bubble will soon burst. We will soon be entering into the era of a buyers market; and that’s where you find more deals.