First Investment Property Under Contract in Maryland
After several months of preparation and searching I've finally got my first property under contract. My goal is to rehab and flip the property within 3 months. Any feedback would be greatly appreciated. Here are the particulars:
Property is a 3/2 rancher, just under 1400sq/ft, located in Pasadena, MD. The house is in Anne Arundel County, in a water accessible community, and in a good school district. It is a HUD property and was listed at $171k on HUDHomestore.com. I offered $150k with the help of my real estate agent, which was accepted. A $1k earnest money has been deposited in escrow.
Estimated ARV is $250-275k and repairs $35-45k depending on rehab and product. I'm working with a hard money lender who will loan 100% of acquisition at 15% and 4 points, interest only. The rehab will be paid for through seed capital I've acquired through credit card stacking.
I'm set to have the property inspected on Thursday (10/8) at which point I'll put together a final SOW. I've already had one contractor look at the property and I'll be scheduling at least two more after the inspection is complete.
Scheduled closing date is 10/28, but I have until the 16th to back out if the inspection is not satisfactory. Thoughts and concerns?