Need a second set of eyes on this deal!!!
Hey BP family! As part of my 2018 goals I've decided to make the leap from wholesaling to flipping homes. After analyzing several deal in my area, I came across on that seems promising. I'd love to have a second eyes on this deal just to make sure i'm not messing this up. CONSTRUCTIVE CRITICISM IS WELCOMED!!!
4/2 , 1962 sqft
ASKING PRICE: $79,900
ARV: 160,118
*meeting with GC next week to get a quote on repairs. for my analysis I've been using the max repair cost that would still make the deal work*
REPAIRS: 40k
I plan on using Lima one as my hard money lender. for their FIXnFLIP loan program, they're offering to loan 90% of purchase and rehab cost. Loan to ARV 70%.term is 13 months
IF I purchase at asking price, that will put my loan at 107,910 (I'd bring 11,900 to the table as my 10%)
I'd place back on the market for 160k.
profit my profit around 40K.
my holding cost i'd have to pay to lima monthly would be 996.09 (107,910 x 12%= 12,949.2 / 13= 996.09)
estimated holding days 90.