Need a second set of eyes on this deal!!!

[Brandon McDowell]

Hey BP family! As part of my 2018 goals I've decided to make the leap from wholesaling to flipping homes. After analyzing several deal in my area, I came across on that seems promising. I'd love to have a second eyes on this deal just to make sure i'm not messing this up. CONSTRUCTIVE CRITICISM IS WELCOMED!!!

4/2 , 1962 sqft

ASKING PRICE: $79,900

ARV: 160,118

*meeting with GC next week to get a quote on repairs. for my analysis I've been using the max repair cost that would still make the deal work*

REPAIRS: 40k

I plan on using Lima one as my hard money lender. for their FIXnFLIP loan program, they're offering to loan 90% of purchase and rehab cost. Loan to ARV 70%.term is 13 months

IF I purchase at asking price, that will put my loan at 107,910 (I'd bring 11,900 to the table as my 10%)

I'd place back on the market for 160k.

profit my profit around 40K.

my holding cost i'd have to pay to lima monthly would be 996.09 (107,910 x 12%= 12,949.2 / 13= 996.09)

estimated holding days 90.

[Joe Villeneuve]

First, I agree with
@Paul, if you are estimating the maximum rehab cost, I doubt 3 months will be a safe timeline for it.  Whatever you think your rehab timeline will be, multiply it times 2.5.  You will find surprises, that will cost you in rehab cost...and time...thus the added cost of your money.  I would put in at least 6 months, and be surprised from your contractor for the better.

Add (subtract) the cost of the "other buying agent", closing costs, etc...My guess is about another $15k off of your projected profit.

If what's left is OK by you for 6 months work, then.......?