Looking for people who have flipped houses in Alberta!
I am looking to do a flip in the Edmonton area either near whyte ave west of 99th st or walking distance to West Edmonton Mall.The Lrt will be there before to long and were looking to use Air B N B. I always thought a place would get a lot of traffic if there was a hospital within walking distance.
These are some numbers I came up with. Hoping for someone to help critique them... I have spoke to realtors and continue to I just want as many opinions as i can get.
Purchase Price: $315 000 (20% is $63 000)
Renos: $75 000
Rents: Cashflows up to $1000/mth, twice as much on air b n b
Refinance: $490 000
ARV (after reno value) $490 000
$490 000 x .8 =$392 000
-$252 000 (mortgage)
-$153 500 (loan)
=-$13 500 left in deal
LOAN: $151 500 @4.5% for 6 mths = $153 500
Down Payment: $63 000
Renos: $75 000
Appraisals $700 (1st one and reappraisal)
Closing cost $1750
Property Management $500 (inital fee to find a tenant for 1 year) *prob have one suite with long term tenant
Home Inspection $600
4 Mths vacancies $10 000