All Forum Posts by: Rocky V.

This week just closed/funded another flip for this year. Here are the numbers:

$74,000 Price including all closing costs

$13,000 Rehab including soft costs and last years taxes of $2,050

$116,500 Sold (on market for 7 days and set a new $/ft high for area)

$24,120 Profit (after all closing costs and commissions)

I purchased this home site unseen in Alvarado, TX, which is just south of Dallas and Fort Worth.  There were no big surprises on this one except for having to install all new duct work due to rodent infestation.  Wish they were all like this.

We actually received multiple offers over the $116,500 but they were all USDA and FHA buyers with little down so I decided to go with buyer putting down $40K. Also felt that property may not appraise for the higher amount.

 A couple of before and after pics.

On to the next!!

@Dale Guidry You are doing great. Keep up the good work. I would not payoff low interest mortgage loans, instead use the money to purchase more properties. Assuming you have plenty set aside for capx. I only invest in SFH and make a pretty good living doing it.

@Jason Branch I would have to agree with Edmund on some of his points.  Pick up some extra side gigs for HVAC, wish you were in Dallas then I could give you some.  I'd definitely nix the hobby for now, buy a truck and start saving/saving/saving.  I drove a 2000 F250 for 15 years with 400k miles and just finally gave in and bought a new F350.  You need to sacrifice now in order to escape the rat race and live a better future.  Best of Luck!!

@Tony Velez Don't mention interest.  Give him his asking price with $5K down and monthly payments of $350 until paid off (0% interest).  Don't start with you highest offer.  Also I would give him multiple options:  1. owner finance 2. pay in full 3. lease with option to purchase

Give us the Zillow or Realtor link to view pics.  The ultimate factor in listing a house is price so it may have been overpriced to begin with.  If it gets to day 99 drop it to your lowest acceptable offer and get rid of it. 

@Matthew Murphy About 2 months.  I have small crews that I trust so rehab takes a little longer but well work it.

Brad, definitely need to look into HUDs Good Neighbor Program.  Teachers, firefighters and emergency medical technicians can qualify to buy a home at a 50% discount.  I would give this program some thought.  Would be a good move in order to house hack or live in the property and then lease it out.  Best of Luck!

@Account Closed Property is a 5 bedroom, 2.5 bath on .25 acre lot.  Standard subdivision.  Nothing special about the home.  I did put granite tops throughout and installed solid oak floors.  It is in Carroll ISD which helps significantly.  I also have homes in Burleson and surrounding areas that get about 80-90% of rent to square footage.

@Dave Toelkes Sure did.  Thanks for the heads up.

@Andre Key I own several Sub2 properties and I explicitly tell previous buyers that they can no longer deduct interest. They are not paying the interest so why should they be able to deduct it. I deduct the interest that I have paid on their notes.