Pleasantville, NY single family fix and rent/flip John Hickey
Hi BP, this is my first flip. This is my second post on this project the first post was in the marketplace looking for a Hard money lender. I got some help and talked with a few lenders then I decided go for a 30 year conventional from and investor focused bank. The rehab money and down payment came from a HELOC on my primary residence.
I paid 325k for the house.
Closing costs, title costs, transfer tax, attorneys fees and six months school tax(5500)came out to 12,500 at the table. Depending on when I can sell I'll get back a prorated amount on the schools tax. My rental dwelling policy is 1600 a year, 900 for a buliders risk policy.
My budget for renovation work is 95k. I would like to be done in 90-110 days. We started a week ago and have filled two 30 yard dumpsters. I have a partner in the construction business and he is helping me with the project. I hired a demo company to get things moving they charged 2400, pricey but they sent out an experienced crew of young guys and we got most of our demo work done in 3 days. Now we're cleaning up and getting ready for framing. Here are a few photos:
Before
During
Inside
I'll get back here when I can to post as we progress.
Thanks,
John