1st Successful Flip in Cedar Rapids set to close Oct 31st!

[Tyler Smiarowski]

Ok...so purchased a 3br 1.5 bath home on July 17th in Marion, Iowa. I bought this home fully intending to flip the home and try to make a few bucks while doing it. Set to close Oct 31st, here are the details (I am sure I will leave out a lot of details but this is the basics):

Purchase Price: 53.5k

Rehab Cost: 13.5k (paint, carpet, redone hardwoods, new cabinets, tiled bath and shower, new light fixtures, garage door, new deck, new windows etc etc...this number includes re taxes as well ) I saved some money by doing a lot of the work myself..some painting, demo work, landscaping, etc.

Interest Cost: About $600 ( I got a construction loan from a bank..the interest rate is 4.75%...so very low)

Utilities: $300

So I am basically all in for 67.9k (53.5 +14.4k),

Sell Price was 109k and we went sale pending in 1 day!!

After commissions, prorated re taxes, and a lot more seller concessions than I would care to discuss....the net proceeds will be roughly 92,500.

This will leave me at closing with 24,600. But I do have to pay my contractor (partner on the deal) for his labor of 7,500.

This will leave me with 17,100. And the best part of this is that I put no money down!! My bank provided all the money to buy the property and finance the repair costs. Pretty cool!!

I am set to close on my next project Nov 3rd. Its a bank owned property that I bought for 38k (all cash, family member loaned me the money). Rehab costs will be about 12-13k with an ARV of roughly 83k to 90k.

Thanks for reading.

[Tyler Smiarowski]

I use a local bank in the area. I don't think a large national bank would provide generous loans like these (I may be wrong but never have heard anyone doing it). I never really approached the bank for these types of loans. I financed one of my rentals with them and just developed a relationship with the person. He is VP of commercial lending for the bank (banks have millions of VP's it seems like so he isn't really a big wig but more than a entry level loan officer). I just told him what I was looking for in lending and he offered to help. If I were looking for another local lender...I would find some of the higher up loan officers and give them a call or shoot them and email and tell them what your plans are and see if they can help.