Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y
Hi @Christina McCumbee, welcome to the BP Forum! How much did you have to spend on the rehab and how long will/did it take? What are you going to list the property for? What were your loan terms?
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y
Hi @Christina McCumbee, welcome to the BP Forum! How much did you have to spend on the rehab and how long will/did it take? What are you going to list the property for? What were your loan terms?
@Jaycee Greene $82,000 for Rehab. I will be listing it on the MLS, I'm a real estate agent and my Loan Terms with a private lender: 80% of the purchase price and 100% of the rehab cost borrowed. 5 points paid upfront with 3 months 10% interest only payments paid upfront. These terms will change with more experience. I will have about $225,000 in it total and expected to sell at minimum $325,000.
@Jaycee Greene $82,000 for Rehab. I will be listing it on the MLS, I'm a real estate agent and my Loan Terms with a private lender: 80% of the purchase price and 100% of the rehab cost borrowed. 5 points paid upfront with 3 months 10% interest only payments paid upfront. These terms will change with more experience. I will have about $225,000 in it total and expected to sell at minimum $325,000.
@Christina McCumbee Congrats! Good look to you. What first attracted you to this property?
The area's that are more desirable than others. A move in ready, single-family ranch style home, in a more rural location in and around where I am located usually see single digit days on market. So, when I looked at this deal I factored in a lot of these things. I definitely do not want the house sitting on the market.
The area's that are more desirable than others. A move in ready, single-family ranch style home, in a more rural location in and around where I am located usually see single digit days on market. So, when I looked at this deal I factored in a lot of these things. I definitely do not want the house sitting on the market.
Lender · Irvine, CA · Member since 2025 · 27 posts · 8 votes
1y
Nice first deal, Christina — solid spread between all-in and ARV. Terms are a little pricey, but that's normal starting out. If you can keep your days on market short like you mentioned, looks like a strong win.