Updated about 11 years ago on . Most recent reply
My First Deal
I've been working with a wholesaler in my area trying to analyze this deal, but I want someone to take a second look. Preferably someone with a few flips under their belt to see if I'm running these numbers right. I will be using a Hard Money Lender 70%ARV @ 14% interest. Please point out anything i might be missing very nervous for my first flip! Thank You so much I appreciate anyone help!
| Profit Calculator Chart | |||
| ARV | $160,000.00 | ARV | $160,000.00 |
| Purchase Price | $96,000.00 | LTV | 70.00% |
| Purchase Closing Cost | $2,000.00 | Cost | $138,320.00 |
| 4 pts | $5,320.00 | Down Payment | $26,320.00 |
| Rehab | $35,000.00 | ||
| Carrying Costs | $8,454.93 | ||
| Utilities | $500.00 | ||
| Prop. Insurance | $700.00 | | |
| Prop. Tax | $800.00 | ||
| Association Fees | |||
| Interest | $6,454.93 | ||
| Sale Closing Cost | $6,400.00 | ||
| Title Insurance | $800.00 | ||
| Recording Fee | $200.00 | ||
| Closing Fee | $200.00 | ||
| Buyers Closing Cost | $2,000.00 | ||
| Commission 3% | $3,200.00 | ||
| Total | $12,145.07 | ||
| -Capital Gains Tax 35% | $4,250.77 | ||
| Profit | $7,894.29 | ||
| ROI | |||
| Invested | $26,320.00 | ||
| Profit | $7,894.29 | ||
| Return | 29.99% |
Most Popular Reply
Hi Leo, I'm still learning too but shouldn't this be:
ARV $160,000 x .70 = $112,000 - $35,000 Rehab costs = $77,000
Seems like you should be getting this property for around $77K to make it worthwhile.
Just my .02 cents...