Newbie looking for some confidence in my numbers....

[Rich Pierro]

Hi All,  Curious if anybody can check my numbers....need some confidence before I pull the trigger....

House fell into my lap....305k, Denver area, Centennial Co.  1\4 Acre, 4 br, 2 bath, needs total cosmetic rehab...some landscaping, maybe a new driveway.  Comps show at $389k.  I instantly put it under contract.  Trying to preserve my cash, so contacted hard money lender....2.5% origination, 10% annual, paid monthly, no pre pay penalties.  My numbers show about $50in rahab and re-list at $430 to $450 depending on finishes. I figure a 60 day close and flip timeline.  Appreciate any thoughts or feedback  Thank You

[Kevin Grinstead]

seems tight. Especially if you cant get the 430 that you want to list it for. 

305 cost plus closing costs

7625 origination fee 

5100 interest assuming no delays on 60. Probably more like 7500 to be safe

50 k in rehab 

Total 367625 

Plus closing costs on new deal and realtor fees etc... 

If comps in the area are 389 and thatbis all you could get you would lose money.