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Updated over 5 years ago,
Chicago investor! Is this a good deal?
Hi BP,
I am planning to flip a house here in Chicago and I want to know if some experienced investors could look over my numbers and give me some feedback. If I'm correct my profit would be about 38.2k. I will be using a hard money lender, so I'm prepared to pay out a lot in fees.
Loan Amount: 100k @ 6 MONTHS HOLDING PERIOD ARV 165K
PURCHASE PRICE 60K REHAB BUDGET 30K
FIXED COST=36.8K @ 6 MONTHS HOLDING PERIOD
=
165000-60000-30000-36800= 38200
PROFIT= 38.2K
I'M PUTTING IN ABOUT 25K OF MY OWN CASH TO PAY FOR THE FIXED COST AND REHAB RESERVES. WILL I WALK AWAY WITH 38.2K? OR SHOULD I SUBTRACT MY 25K FROM THE 38.2K WHICH WOULD MAKE MY PROFIT =13.2K.
ANY FEEDBACK?