Pleasantville, NY single family fix and rent/flip John Hickey

[John Hickey]

Hi BP, this is my first flip. This is my second post on this project the first post was in the marketplace looking for a Hard money lender. I got some help and talked with a few lenders then I decided go for a 30 year conventional from and investor focused bank. The rehab money and down payment came from a HELOC on my primary residence.

I paid 325k for the house. 

Closing costs, title costs, transfer tax, attorneys fees and six months school tax(5500)came out to 12,500 at the table.  Depending on when I can sell I'll get back a prorated amount on the schools tax. My rental dwelling policy is 1600 a year, 900 for a buliders risk policy.  

My budget for renovation work is 95k. I would like to be done in 90-110 days. We started a week ago and have filled two 30 yard dumpsters.  I have a partner in the construction business and he is helping me with the project. I hired a demo company to get things moving they charged 2400, pricey but they sent out an experienced crew of young guys and we got most of our demo work done in 3 days.  Now we're cleaning up and getting ready for framing.  Here are a few photos:

Before

During

Inside

I'll get back here when I can to post as we progress.  

Thanks,

John

[John Hickey]

Closed today sold for 612

Paid 325 for house

9k closing costs, including survey and inspection fees.  

Reno was 190,000

Realtor 27,200

Taxes and insurance whole held 6,700

Lawyers and architects 7,500

Utilities 1,500

Interest on loan around 7 not sure till I see the payoff.  We overestimated because the bank takes 72 hours to send.  

lots of work for less than 40k but it was my first one and I had to sub out a lot of the work because we had a new baby in November.  

Thinking I'll do more fix and rent after this more room for error and if I blow the budget.  I tend to go a little overboard.