Flip #3

[Martin Peter]

I enjoyed chronicling my last journey for you all here so I will do the next one as well.  This one is on Cuyahoga Falls, OH just like the last a few blocks away.  This is a 950 sq ft. 3BR/1Ba ranch with a full basement, located on the corner of 6th and Portage Trail. The house is in very good condition, it needs new flooring throughout, complete kitchen and bath remodel, the two smaller bedrooms are getting new closets (currently no closets in them, so I guess they aren't technically bedrooms), a little work in the basement (it's somewhat finished and I just want to spruce it up), new windows, new entry doors, and a new concrete pad in the garage.  I'm sure we will find a few other small things along the way.  

Here are the vitals:

Purchase Price: 39,000

Rehab Budget: 24,000

ARV: 85,000

All cash.

I'm hoping to have this one be ready for the MLS on May 13th, 3 weeks from today. I know that is very aggressive, considering my 5 week timeline on number 2 turned into 8. I'm confident in it this time though, I have also given financial incentive to my contractor to get it done in that time so we shall see. They have already started the demo and should have most of it done today or tomorrow.

First obstacle to overcome is an issue with the water line coming into the house.  Thankfully that is the cities responsibility and not mine.  They will be back out tomorrow to more accurately diagnosis the problem. I will post pictures later today.

[Martin Peter]

So in need to get some pictures up of the completed project.  I got the house up a week later than I had hoped, but that was not a big deal.  House went on the market on the 21st and I got it under contract on the 22nd.  Got a full price offer in under 24 hours.  Here are the rough final numbers:

Purchase price: 39,000

Repairs: 29,000

Holding costs: 500

Sales price: 100,000

After closing costs I should clear close to 25,000.  Closing is currently scheduled for the 23rd.  I am very happy with this project.  I will get some pictures up before the week is out.  Number 4 is under contract.