First flip completed and under contract!!
Just got my first flip completed and under contract. Below are the details. Just wanted to post this for other newbies (like myself) to see that it is possible, and to just pull the trigger.
Location: 2208 Searles Rd. Dundalk, MD 21220 (See pics on Zillow)
Purchase date: 3/31/15
Purchase price: $60,151
Rehab cost: $44,000
Sale price: $154,990
Financing used: Combination of hard money, home equity loan (4 points, 14% interest)(hard money used for acquisition only), and business credit card with 0% introductory APR for 18 months. The rehab costs were paid with combination of home equity loan and credit card.
Upcoming settlement date: 8/21/15
Net Profit: $25,000
Please feel free to ask questions about this rehab. After completing this deal with such success, my hard money lender is willing to finance multiple deals with much better terms. Also, I have two other private investors willing to finance deals 100% and split profit 50%. As of now, I have three other properties under contract. I'm off to the races!!
Most Popular Reply
Good work Todd. I'm a fellow Baltimore investor who buy rentals from the Fannie Mae REO website. What other HML companies did you consider and why did you ultimately choose EZ lending? Also could you recommend any books, programs or websites that were helpful in preparing you for this flip. I am currently saving up to buy my first retail flip. Would love to learn more from you. I was actually looking at some properties in Dundalk but wasn't sure if it was a good area for flips. Glad it worked out for you.