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Updated over 7 years ago,
My first house flip in the work at 20 years old
So I bought this property with zero dollars. This is what I have done to the property and what's next.
Bought at; 77,500$ (4bed/2baths)
Rehab budget: 10k (but since there were major unseen problems pushed it to 13k)
Closing cost; 780$
Lenders fee: 7% of 100k he let me borrow so 7k
Buyers agent fee: 3,500$ (3%)
ARV; 125k (I will try to sell at 130k since it did not get flooded by Hurricane Harvey )
Holding = 3,000$ ( 6 months holding)
Profit= 17k-25k
This is the work the house needs and some that I had done and what it cost me.
Foundation lift (28 wholes) = 4,050$ (done)
Plumbing (while the lift pipes broke) = 1,200$ (done)
Driveway =2,000$
Kitchen = 1,200$ (halfway)
Roof rot repair = 500$ (done)(did not replace the whole roof since it’s in fair condition)
Laminate Flooring = 400$ (done)
Restrooms = 800$
curb appeal = 500$
Paint = 200$ (have it)
hardy planks = 100$
framing/sheerock = 300$ (done)
bass bord = 250$ (have it)
fans = 100$ (done)
doors = 450$ (done)
Helper = = 180$ (halway)
total = 12,230$
left =770$
Most of the work I’m doing my self with others except foundation, plumbing, kitchen. The reason why is because I want to get experience and knowledge in how thing work and are. Next project I will do a lot less. Also, let me know what I could do to make it sell faster or what color of the house should be! Thinking of using gray neutral, but let me know! :)