Updated almost 9 years ago on . Most recent reply
Good Investment or not ?
This is my first flip. I want to purchase a home with wait for it ..MOLD;possibly black mold at that. The house is selling for $79,900. It is a 2 bedroom 2.5 bath home 1895 sq ft, that I can easily turn into 4 bedroom 2.5 bathroom home. Homes in that area sell for $120,000-134,000 and higher. I plan to put about 30k and sell for roughly $130,000. I have a inspector coming Monday to look and tell how much the mold remediation will be. Of course I am not going to give them full price for the home, it just depends on what the mold remediation cost will be. Closing cost I estimate to be around $4000 putting me at 113,000 all in. 130,000-113,000=17,000 in profit. Am I missing something?
Most Popular Reply
Maybe i misread your post but did you say that you're using a 203k? If so, flipping may present some issues for that type of loan. Just make sure you are candid in your disclosures to your lender.