Updated almost 7 years ago on . Most recent reply
First Deal... No more waiting. Just jumped
BP community drove me to get off the sidelines and into the game my my first deal! Here were the numbers:
Goal was to live in flip or rent after 24 months.
- 214,000 List Price (been on MLS for over 90 days)
- 191,000 purchase price (0% down USDA rural housing loan)
- Estimated 12,000 rehab cost, Actual ended up being 17,000 (replaced AC unit at 5k)
- 235,000. (Highest sales price in the subdivision)
Top 5 Takeaways:
- Safety first!!! You can't rehab if you're missing your eyes or fingers...
- Money is made on the buy! (Should have offered much lower)
- Lenders do not have your best interest at heart.
- Realtor compensation is negotiable.
- The cheapest contractor bid is not always the best.