2nd flip - Northern Arizona Area
So as you can see, I have not even sold my first flip yet but here we are working on #2. I have promised @Kyle Larson that we will not acquire another property until 1 sells AND this house is at least 60% done with the rehab.
Purchase Details:- Distressed sale listed on MLS.
- Purchased for $115,000
- Using hard money lender. Paying a premium (15% with no origination but it was my offer so I could build trust with this lender). I also did the math on 10% @ 2pts vs 15% and if sold under 6 months it is better to pay the premium with no points.
- Closed on 10/17
House Details:
- Built 1975, 2 bed/2 bath, 1850 sq ft house
- This is a dated but very large house. We will convert to 3/2
- Estimated Rehab is $30k
- Estimated ARV: $195k
Rehab Details:
- Rehab started on 10/20
- Compared to our other property this is much more thorough rehab :)
- Hired contractor to rearrange space, create 3rd bedroom, fix flow and update baths
- Removing old tile throughout (glad someone else is doing this, what a mess)
- Paint, flooring, new baths, light update of kitchen, etc
- 6 week timeline but there are some things lining up to maybe shrink this to 5!
I will update this post with picture shortly. I need to original, awful pics put up :)
Brian