Texas Flip costs (is this a good deal)

[Dusty Warner]

I went to my first REIA meeting the other day.... I was surprised to see that there were only 6 other people there.... The guy speaking was a wholesaler/flipper.... After about an hour of casual conversation about this ladies experience with her wholesale guru the speaker offered a couple of deals... Im still in the learning phase of marketing for deals and preparing for the possibility of a potential rehab project. Ive bought @J Scott 's books on rehabbing, but I was hoping to get some feedback on the amount of fixed costs this deal would have and what Net would be.... The Speaker was advertising a $45k-$50k profit, he obviously wasn't talking NET....

1011 Hays St. San Antonio, Texas, 3/2 1400ft

$163K ARV

$40K repairs

Price-$69,000

3-4 month timeline

Hard Money Loan

14% loan, Repair Funds can be financed, held in Escrow and dispersed on a Draw Basis as long as the Loan to Value criteria is met

• A $175.00 Inspection Fee will be charged for each Draw Request
• Loan origination fee of 3-5% of the loan amount
• Appraisal fee of $350.00
• Loan processing fee of $825.00
• Attorney fee of $300.00

PURCHASE COSTS??_________

HOLDING COSTS??_________

SELLING COSTS???_________