Updated almost 10 years ago on . Most recent reply
High-End Flip Property in South Florida. Estimated 100K Flip
New Flip Property.
Asking $549,000. Estimated ARV is $1,000,000
Sheet: Bigger Pockets sheet for Financial Breakdown
Comps:
--6208 Nw 72nd Way. – Sold for $1,100,000. This property is on a similar lot, but it is 1000 Square feet Smaller.
--6780 NW 65th Ter – Sold for $1,000,000. This property is on a similar lot, but is 1200 Square Feet Smaller. This property was on the market for 12 days.
-- 8825 East Watercrest Cir – Sold for $861,000. This property is 3,500 sq feet smaller, and only a 11,000 Sq ft lot.
Financial Breakdown
Purchase Costs
Purchase Price ($549,000.00)
Purchase Closing Costs ($11,000.00) --- 2% Closing Costs
Total ($560,000.00)
Rehab Costs
Total Rehab Costs ($200,000.00) -- I've been quoted 150K by a General contractor, added 50k to be safe.
Total ($200,000.00)
Holding Costs
Monthly Holding Costs ($10,000.00) -- Estimated 10k a month.
Total Days Held 180 --- Estimated 6 months
Total ($60,000.00)
Sales Costs
After Repair Value $1,000,000.00
All Selling Closing Costs ($20,000.00) --- 2% Closing Costs
Real Estate Agent Fees ($60,000.00) ---6% Closing Costs. Can be brought down 30k If you're an agent
Total $920,000.00
Total Profit for Flip $100,000.00
$130,000 If you're an agent. Up to $230,000 if you can sell it for 1.1 Million like 6208 NW 72nd Way.
Call or Email me for more information
(561)-674-2240
Most Popular Reply
I dated a girl once that couldn't answer direct questions. We didn't work out sadly. Added this property to my 2016 list to watch, odds are it should be an interesting one.