Numbers on Our First Deal

[Thomas Wood]

Hey Everyone,

We have completed our first deal here in Raleigh and as promised, here is the breakdown of how it played out. We just finished the cash-out refinance and are ready to do the next house as soon as we can find it. Home has been rented for about 8-9 months. It took us just under 2 months from closing to finish the property doing it all on our own, working on weekends and one full week. 

Initial Purchase Price: $116,100

Total Cash Invested (Down Payment + Reno Costs): $41,312.64

Total in House After Reno: $134,192.64

Appraised Value After Reno: $170,000.00

Cash Received on Refi: ~$31,000.00 at 75% LTV

Currently Rented (Has Been for 9 Months) at $1,300.00/mo

Cash Flow: ~$500/mo

You can find before and after pictures etc. on the @flippinwiththewoods Instagram if you want to see it!

We are currently looking for another property if anyone has any leads. 

Also, we are looking to do cash deals going forward so we can decrease the fees associated with doing two loans on each house, any suggestions on where to get a non-secured LOC or maybe a LOC based on a multiple of liquid assets?

Let me know if you have any questions!