Connecticut Single Family Flip Breakdown
My business partner and I are active investors & investor friendly realtors in Connecticut. We mainly do business in Hartford County. Below is a breakdown of a flip we have under contract.
- Purchase Date: August 22nd
- Location: Plainville, CT
- 3 beds, 2 bath 1500 sq ft
- Purchase Price: $110,000
- Original rehab budget we borrowed was 20k, we went over $5000.00 (more on that later)
- Closing costs: $29,340.30 (included in the closing costs is a 20% down payment on the purchase price, 3 pts on the loan amount plus the rehab budget, other closing costs.)
- Rehab time: 7 weeks
- Date property was put on market: 11/1
- Listing price: $199,999
- Date Property officially under contract: 12/5 (34 DOM)
- Projected closing date: 1/21/15 or sooner
- Inspection & Appraisal already completed by buyer
Once the property officially closes I will post the price we sold it for & profit numbers. This deal will not be a home run by any means, but we feel good about the profits we will make considering the market and the time of year. Winters in the northeast make it a tough time to sell sometimes. Hopefully my business partner chimes in on this thread as he is a huge part of why this project went well. Flat out couldn't do it without him.
In the next post, I will detail before and after pictures of the rehab. Feel free to ask any questions at all that you may have and I will do my best to answer promptly.
