My first deal as a mortgage loan officer!!! Profit made :)

[Kiran Kaur]

Investment Info:

Single-family residence fix & flip investment in Sacramento.

Purchase price: $370,000
Cash invested: $30,000

We found this deal through a friend and I went to look at it the same day.
Deal details:
Purchase price: 370k
Type: SFR
Financing: Conventional 3% down
Rehab Budget: 60k
Financing: Personal Loan of 45k and 15k from parents
Cost of financing: $7178 for 370k and 675 for 45k
Monthly costs: $2470 for mortgage and $777 for 45k
Sell point:$ 520,000

What made you interested in investing in this type of deal?

It was a messed up house in a great neighborhood.

How did you find this deal and how did you negotiate it?

I found it through a relator- he bought it off market and wholesaled it.

How did you finance this deal?

Conventional 3% down

What was the outcome?

Sold it for 520k and + In profit

Lessons learned? Challenges?

Never hire a cheap contractor and never pay them upfront!!!!