Flip Diary and Analysis
We closed yesterday on the purchase of our flip house here in NC. I hope to document to progress throughout the event. Our goal is a 4 week turnaround.
Purchase Price $67.5k, (approved short sale)
ARV $135k. Comps in the area support this.
$25k in materials and labor
Monthly holding costs: $557(int payments, taxes, utilities, insurance)
House info as purchased:
House built in 1971 - Solid B neighborhood - Great Schools
2081 sq ft
4 Bed, 2.5 Bath
New Roof
New Windows
New HVAC
Vinyl Siding
Work to be performed:
New cabinets and counter tops
Laminate downstairs and carpet upstairs
New vanities
New light and plumbing fixtures(tubs staying)
New water heater
Paneling removed from den and replaced with sheetrock
Window removed from eat in kitchen and replaced with slider to access the back yard
Small deck built off of slider
And obviously paint throughout.
We will probably price it under market value and hope to sell it quickly(30-60 days) at $125k which would give us a profit(after commissions, closing costs, and carrying costs) of $22k-$23k. We financed the property through a credit line with our local bank(who financed all our rentals), 5% interest rate.
Below are a few pics and I hope to update the pics as work gets completed(which is starting today)
I look forward to hearing everyone's feedback as this is our first flip!
@William Byrd Sorry you couldn't make it out today, but hopefully in the near future you can come check it out!