All Forum Posts by: Pam J.

and roof is a maybe, the snow is melted now we could look before offering 

@Brian Pulaski thanks for taking the time to break down your numbers. 

We could forgo adding a half bath, keep that as an extra if things come under budget.

The siding is cedar or wood shingles on the top half of the house, so our choice would be to replace individual ones and paint them, or redo with new siding.

@Nik S. thank you for your reply- for hvac, definitely furnace and possibly AC

The only thing we would outsource is furnace (and ac) installation, windows, and any electrical work. Everything else would be materials only 

hello, new here and getting into investing.

We currently own a rental in the south hills part of the city and looking for our first flip.

Would you do this deal? It is a foreclosure in pittsburgh (where we live). This will be a big sweat equity deal, as my husband and brother are skilled in cosmetic fixes and looking to get their hands dirty. We will have to outsource hvac, windows and electrical work.

The ARV is from our trusted real estate agent.

Asking: $65k

Target price :$55k cash

ARV: $120k

Rehab: goal $29k based on not having more than 70% into the deal. It’s a tight squeeze. The house needs:

Hvac

Siding

New hot water tank

New roof on small detached garage and possibly house (it was snowing on show day)

New bathroom and kitchen

Add a half bath 

Floors, paint, fixtures

Porch rehab 

All new windows

It’s a 3/1/1 approx 1500sq ft

This would be fully funded from a family member using a intrafamily loan and they would receive 4% of the sale price at closing along with a low interest rate before then. 

Do the numbers work? What am I missing? Give it to me straight. I’ve been creeping in all the forums here and appreciate the feedback.

Any tips on pittsburgh locations for flips are welcome. Where we live in the south hills is too expensive for our budget so we’re looking at different city areas.

Thanks!

Pam

thanks for taking the time to answer our questions!

I own one rental property, and we are looking to do one fix and flip this year (our first). Can we claim this as passive income since it will just be one deal? I’m trying to figure out how much taxes are going to eat my flip profit.  We make about $78k a year through employment and I’m hoping to make $20-30k profit from a flip, after all expenses and pre taxes.