Diary of my latest flip

[Account Closed]

I'm going to use this thread to track the progress of my current flip project. This house is in the Hickory NC area. The house was an REO listed in the MLS. It is a split level ranch with 3 bedrooms 1.5 baths and a full basement that is partially finished.

Purchase price: $41k 

Rehab/Holding cost estimate: $15k

ARV: ~$80k

I"m shooting for a profit of $15-20k. This is on the lower end of my desired profit margin on a flip, but it is actually the first one I've done where I am not doing any of the work. I'm willing to take a smaller return if I'm not swinging any hammers. We will see how it works out.

Before Pics:

[Karyn T.]

@Jay Hinrichs 

"You would think all these folks renting would be buying but they just can't get there SH together and their credit issues."

I agree, for the most part...but I will say that part (a BIG part) of the problem is that credit chases you around for longer than the market stays stable.  People like myself, who took a huge hit, either financially (ours was financial...having to take out a large 5-figure "deficiency" loan to unload our east coast house that we couldn't even rent for a decent amount) or with credit, during the downturn are just now starting to dig out from the carnage.  A lot of good, stable, hardworking people got taken out or (in our case) knocked WAY back down the ladder through the actions of Wall Street and the housing crisis and because of the way credit works, with its decade-long penalties, even if you just had one big crisis,and got back to work/repayment, those people won't realistically be able to re-enter home ownership for another 3-5 years.  Add in the ridiculously tough credit requirements for new mortgages now....and the competition from investors like us...