Spokane WA SFR Shortsale Flip

[Aaron Miley]

Good day BP'ers! This is my first fix and flip. I'm a new investor, with a couple small whole sales under my belt.

Since then, I've been trying to find deals using a mix of direct mail and MLS.

Well on Friday, I saw a new short sale listing came on the market. I immediately did some quick and dirty analysis on the ARV, offered roughly 55% of ARV, and the seller accepted. Now, this still needs to be approved by their lender, but we're looking at about 90% of what was owed on this property.

Here's the numbers:

Buy: $100K
Rehab: $25K (All cosmetic, whew)
ARV: $175K (Lucked out with some new comps that boosted my original ARV by about $10K!)
Rehab: 60 Days
Profit: $25K

Financing: 

I'll be using a combination of my own money and HML.

I'll  have more details when the bank replies. Very exciting!

[Kristin Whitaker]

Congrats on your first rehab deal @Aaron Miley!  Have fun and keep us posted on your journey.