Review my up-front cash needs please...

[Mike B.]

Hello all still in learning stage getting close to my first deal on a buy/reno/sell

I am doing a "mock" write up of a real property in my area, central VA. I am determining the amount of up-front cash I will need on hand to get me to the point of selling. Let me know what you think about my assumptions.

Project:

Purchase Price: 85k

Cash Needed Until Sale, Assume 4 month hold time, financing w/ 20% down w/ bank loan (details of loan type not final I have a 4% for this example) :

Renovation Estimate: 14k (assume best estimate plus contingency)
Closing Cost Buy Side: 3,400 (400 inspection; 1000 title,attorner, recorder etc 2000 origination, appraisla, underwriting, prep, etc)
Downpayment: 17k (assume 20%)
Holding Costs: 2,814 (debt service $1294; tax 520; utility 800; insurance 200)

Total Cash Needed: ~$37,200

Not part of the original question but I then have an estimate of 11,454 coming out at the back end of the deal (7,854 in commissions, 3,000 in buyer closing, 500 warranty, 100 termite)....I am assuming the back end comes out at closing like my residential sales and I dont come to the table with any $ (assuming its a profitable deal!).

Thanks,

Mike