2nd flip - Northern Arizona Area

[Brian Larson]

So as you can see, I have not even sold my first flip yet but here we are working on #2. I have promised @Kyle Larson that we will not acquire another property until 1 sells AND this house is at least 60% done with the rehab.

Purchase Details:

• Distressed sale listed on MLS.
• Purchased for $115,000
• Using hard money lender. Paying a premium (15% with no origination but it was my offer so I could build trust with this lender). I also did the math on 10% @ 2pts vs 15% and if sold under 6 months it is better to pay the premium with no points. 
• Closed on 10/17

House Details:

• Built 1975, 2 bed/2 bath, 1850 sq ft house
• This is a dated but very large house. We will convert to 3/2
• Estimated Rehab is $30k
• Estimated ARV: $195k

Rehab Details:

• Rehab started on 10/20
• Compared to our other property this is much more thorough rehab :)
• Hired contractor to rearrange space, create 3rd bedroom, fix flow and update baths
• Removing old tile throughout (glad someone else is doing this, what a mess)
• Paint, flooring, new baths, light update of kitchen, etc
• 6 week timeline but there are some things lining up to maybe shrink this to 5!

I will update this post with picture shortly. I need to original, awful pics put up :)

Brian

[Patrick O'Sullivan]

Hi Brian,

We do fix and flips here in Arizona. If you need a hard money lender, I work with a guy that will offer 13.9% and no points with a doc fee and a soft money lender that can provide better terms if you have more time to close. Just send me a PM.

How is your flip going?

Patrick