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Updated over 6 years ago, 05/13/2018

User Stats

31
Posts
15
Votes
Brandon Hurlburt
  • Rental Property Investor
  • Chippewa Falls, WI
15
Votes |
31
Posts

Double check numbers

Brandon Hurlburt
  • Rental Property Investor
  • Chippewa Falls, WI
Posted

Hello,

 My name is, Brandon. I'm currently a union tradesman. I got into real estate investing a little bit ago and always wanted to try flipping. Another tradesman friend of mine said he would help me through one at 20% of my net profit. So I finally started searching for flips. 

I currently have one locked down and I'm going to sign the purchase agreement monday. I wanted to first double check my numbers with more experienced people. I got a place for $140k. There was a 5% charge added onto that for 7,000. Holding costs and realtor fees are $14,000. Loan fees are $3,500, and repairs are $25,000. 

Comp homes in the area are selling for $295,000 and selling fast. 

Do these numbers make sense to you guys? Did I leave enough of a profit margin? Factor in enough fees?  What am I missing? 

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