All Forum Posts by: Angelica Osusky

@Austin Deardorff Thank you! As far as funding it was funded with cash, so I can't speak on getting a loan. I could imagine if you don't have steady income it would be hard. Funding is one of the biggest obstacles for many and that is why usually people don't start with flipping right away. Have you read, The book on flipping houses by J scott? It has some helpful ideas for funding. Have you considered house hacking? Being at college students are always looking to rent that could be a good idea to get started and make some extra income to build up your funds. It was a foreclosure that was at auction on an online site (hubzu), I did still use an agent to purchase it. The renovations was cash as well, however, I was able to put almost all the materials and appliances on a credit card that doesn't have interest. If you'd like to talk more feel free to message me! Thanks again:)

@Brenden Donovan Go for it! Keep educating yourself. Network with other investors as well as professionals in your area. Building your team is important but it is kind of hard when you are first starting out. Get suggestions from other investors. My agent (who's also an investor) that I used to buy the property I actually met off of BP. Very friendly and he had done deals before so he was able to help me through the process of obtaining the property. Make use of the calculators. Those really helped reassure me that I wasn't getting into a bad deal. Remember, numbers don't lie. Goodluck!

@Account Closed Thanks for the suggestion. I completely agree with you and for my next one I will definitely hire a professional photographer. Most of those pictures were taking with my phone with the exception of a few. But you are completely right, pictures really do make a difference. Thanks again!

@Don Nelson I really give most of the credit to the awesome contractor I have with keeping the job on schedule. A good contractor is very important part of your team. BP calculators are so helpful when analyzing deals so that helped with the math side of things. Currently we are marketing at 119k (ARV is 115k) but we have grant money for new home buyers so hopefully that can off set the slightly higher price. People are looking at it already, but if interest starts to dwindle I have no problem lowering it because I think your spot, the sale price really determines how fast it will move! Thanks for your response!

@Natalie Kolodij @Paul Siljee The property was listed on the MLS. It was a foreclosure. It went to auction on a site called hubzu. As Natalie mentioned a previous post of mine she found, there was bit of a "bidding war" so to speak. It started at 48k and went up to 52k. Using the flipping calculator was awesome to reassure my numbers and myself as it was a bit nerve racking doing my first deal. As you saw my purchase price was around 55k that was with fees and closing cost. No creative financing, it was financed with cash. However, I was able to use my credit card for almost all of the materials and appliances (credit card has no interest for the next 15 months). If you'd like to know more specific details or have more question don't hesitate to ask. You are welcomed to message me as well. Hope this helped a bit:)

Thank you both! The flooring is laminate. It is called Pergo Outlast+ and I got it at home depot. @Percy N. @Michael Maloney Jr. 

Percy, 

I have considered renting as another exit strategy. I have gotten a lot of people who are interested in renting actually! I analyzed the deal before I even bought it as both a fix and flip deal and a buy and hold/BRRR deal. However, I would prefer to sell it. Rent for this size property and area is about $1000-1100. When I analyzed the deal as a BRRR (so I could get the money out to do another one), after refi I would cash flow around $130 a month. This is budgeting for everything including, HOA, insurance, capex, vacancy, property management, taxes, and repairs. Since it is brand new if I took out the repair and capex budget (for now) I would cash flow around $230. But those cost are going to come into play sometime down the road so that's why I rather take them into consideration. Numbers aren't bad! I even had someone interested in rent to own... What are your thoughts on that? This deal was financed with cash so I would have my money tied up until I could either refinance it or they bought it.

@Natalie Kolodij I'm not leaving, i will be answering questions shortly! I just wanted to thank everyone first! Also you can message me if you'd like for more question etc:)

Thank you all so much! I appreciate all of your replies, thoughts, and warm wishes:) @Paul Siljee @Michael McFarland @Derek Curtis @Maggie Hawley @Gaston Carrizo @Ray Dipasupil @Stacy Davis @Account Closed

@John Foster @Sarunas Siauciunas @Kristopher Hanks @Joshua Drummond @Don Nelson @Paul Miller @Keith Weigand @Todd Fithian @Brenden Donovan @Jorge Gastelum @Crystal Woodard @Euan Arcia @Andrew Beaver 

Thank you all so much! I appreciate all of your replies, thoughts, and warm wishes:)

I just completed my FIRST FLIP! The rehab took approximately 3 ½ weeks. The home is a 2bd, 1ba townhouse that is slightly over 1000sq ft located in Illinois.

Numbers:

Purchase Price with closing cost: $55,290.25

Rehab Cost: $28,815.60

Total in: $84,105.85

Holding cost: Roughly $450 a month (insurance, HOA fees, utilities, & taxes)

ARV: $115,000

Estimated Profit: $29,094.15

The property just went onto the market today. Here are the before and after photos! Check out my blog post about my First Flip at primetimerei.com/first-flip

BEFORE:

AFTER: