Pursuing First Real Estate Investment Deal

[Honore Ware]

Hello BP,

I am pursuing my first deal. This is an out of state fix and flip property. I shopped a couple rates from hard money lenders in my home state and selected the best rates for this pending deal. I established a team at location and would like to bounce my numbers off the BP community and would like to know if I am leaving anything out.

PURCHASE PRICE: $195,000

PURCHASE CLOSING COSTS $3,000

ESTIMATED REPAIRS $50,000

TOTAL PROJECT COSTS $248,000

AFTER REPAIR VALUE $373,968

DOWN PAYMENT $19,500

LOAN AMOUNT $225,000

LOAN POINTS 2%

AMORTIZED OVER 1YR

LOAN INTEREST RATE 12%

NEEDED FOR CLOSING $25,000

/ r