Flip Diary and Analysis

[Bill Sargeson]

We closed yesterday on the purchase of our flip house here in NC.  I hope to document to progress throughout the event.  Our goal is a 4 week turnaround.

Purchase Price $67.5k, (approved short sale)

ARV $135k. Comps in the area support this.

$25k in materials and labor

Monthly holding costs: $557(int payments, taxes, utilities, insurance)

House info as purchased:

House built in 1971 - Solid B neighborhood - Great Schools

2081 sq ft

4 Bed, 2.5 Bath

New Roof

New Windows

New HVAC

Vinyl Siding

Work to be performed:

New cabinets and counter tops

Laminate downstairs and carpet upstairs

New vanities

New light and plumbing fixtures(tubs staying)

New water heater 

Paneling removed from den and replaced with sheetrock

Window removed from eat in kitchen and replaced with slider to access the back yard

Small deck built off of slider

And obviously paint throughout.

We will probably price it under market value and hope to sell it quickly(30-60 days) at $125k which would give us a profit(after commissions, closing costs, and carrying costs) of $22k-$23k.  We financed the property through a credit line with our local bank(who financed all our rentals), 5% interest rate.

Below are a few pics and I hope to update the pics as work gets completed(which is starting today)

I look forward to hearing everyone's feedback as this is our first flip!

@William Byrd Sorry you couldn't make it out today, but hopefully in the near future you can come check it out!