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Updated over 6 years ago, 05/13/2018
Double check numbers
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?