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Rehabbing & House Flipping
Nicole Johnson's profile image
  • from Miramar, FL (33025)
  • Member since Feb 20, 2019

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28
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11
Votes
Nicole Johnson's profile image
  • from Miramar, FL (33025)
  • Member since Feb 20, 2019
Nicole Johnson
  • Miramar, FL (33025)
11
Votes |
28
Posts

First Dallas Flip! Deal or No Deal?

Nicole Johnson
  • Miramar, FL (33025)
Posted Dec 4 2022, 15:27

Hello Everyone! I am under contract on my first flip in Dallas. I would love some advice and input. It is a hard money foreclosure already gutted with Demo, Framing, Mechanical, Electrical and Plumbing done. The home also comes with brand new windows and sliding glass door.

Address: 305 High Brook Drive Richardson, TX 75080

MLS info : 3/2.5 2,330 square feet w/ pool

Currently: 4/2.5 2,500 square feet w/ pool

Rehab: LVP flooring, quartz counters, ect.

Purchase Price: $450k

100% HML @ 11% $25k closing out of pocket

Rehab Budget: $70k-$80k maybe

ARV: $730k+++ (
-2 most recent comps sold at 288/ sq ft (no pool)

-1 active comp $338

-1 pending comp @ $340 sq ft

Questions:

1) ARV Opinion? Good or Bad Deal? (2 most recent comps sold at 288/ sq ft)

2) Rehab Budget Opinion?

3) Investor Friendly Contractor Recommendations?

4) I see about 20k delinquent taxes. Is that the seller's responsibility?

5) Typically, will the seller (hard money lender that foreclosed) allow me to have GC's walk thru for quotes prior to our closing in 2 weeks?

Thank you so much for any input!

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