Attention Nashville flippers, help me out with some info!
Hello all, I am a General Contractor in Raleigh, NC. The real estate market is outrageously expensive here and no dilapidated houses whatsoever. I am going to venture on where the flip game is thriving. North Carolina hold reciprocity with the state of Tennessee, so no worries there. My question is… what is the median flip property in the surrounding cities of Nashville, how much is a full renovation (roughly), and what are some reasonable terms for hard money lenders. Thank you for your input!
2-3 points. 10-15% interest. You'll get 2 points and 10% if you have worked with the lender before. If you're new/first time flipper probably 3pts and 12-15%.
Surrounding cities will be sub 400s. Depending on which city. Murfreesboro is a completely different ball game compared with say Dickson.
Full renovations I'm getting quoted between 85-120sft. This is obviously very difficult to say depending on scope of work. The last bid I got was $181k for a 1900sft home. Included plumbing and electrical replacement.
I did a high end cosmetic only renovation late last year/early this year and it ended up being $68/ft. Cosmetic only.