Updated over 9 years ago on . Most recent reply
1st Flip - Anderson Co SC SFR
I viewed six properties after vetting listings before finding this one.
REO 1300 sq/ft 2 Bd, 1.5 bath 70's ranch in a nice neighborhood/location that's desirable according to several RE agents.
Converting to 3/2.5, replacing roof, HVAC, Windows, doors, flooring, fixtures, electrical, trim and lots of updating. Adding bath, complete gut and update on kitchen and 2 other bath areas. Subfloor repair in 3 areas and sill repair/runoff management in yard. Masonry work on front and, budget allowing, a deck on back will be added.
Purchase contract went in at the end of January. I have an amazing RE attorney who was watching out for my best interests and discovered an unsatisfied Sr. Mtg. After personally tracking this down for the title company and sellers atty, was able to close May 9. (YES. 4 mo. !!)
Similar comps sold on the last 120/.5 mile are $105-115k
100% funded Private money at 8% due on backed
ARV: $105k (projected worst case scenario)
Purchase: $27k
Closing: $785
Holding: $384/mo
Selling RE: 6%
Rehab: $30k (projected worst case scenario)
4 months to rehab, 3 months to sell
Total money projected: $63,195
%ARV: 60%
Projected profit: $35,505
ROI and ROIA: Infinite
I'll post pics of what I'm starting with soon. Thanks for looking!