Connecticut Single Family Flip Breakdown

[Michael Noto]

My business partner and I are active investors & investor friendly realtors in Connecticut.  We mainly do business in Hartford County.  Below is a breakdown of a flip we have under contract.

• Purchase Date: August 22nd
• Location: Plainville, CT
• 3 beds, 2 bath 1500 sq ft

• Purchase Price: $110,000

• Original rehab budget we borrowed was 20k, we went over $5000.00 (more on that later)

• Closing costs: $29,340.30 (included in the closing costs is a 20% down payment on the purchase price, 3 pts on the loan amount plus the rehab budget, other closing costs.)
• Rehab time: 7 weeks
• Date property was put on market: 11/1
• Listing price: $199,999
• Date Property officially under contract: 12/5 (34 DOM)
• Projected closing date: 1/21/15 or sooner
• Inspection & Appraisal already completed by buyer

Once the property officially closes I will post the price we sold it for & profit numbers.  This deal will not be a home run by any means, but we feel good about the profits we will make considering the market and the time of year.  Winters in the northeast make it a tough time to sell sometimes. Hopefully my business partner chimes in on this thread as he is a huge part of why this project went well.  Flat out couldn't do it without him.

In the next post, I will detail before and after pictures of the rehab.  Feel free to ask any questions at all that you may have and I will do my best to answer promptly.

[Phil Z.]

At least your Profit amount didn't include your Down Payment like the 'profit' checks the Gurus flash around ;)