First house under contract!

[Traci Cameron]

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[Traci Cameron]

Found this off market property by accident. I went a little high on my rehab estimate costs just to be on the safe side. Realistically, my rehab costs should be under $10k. Since I opened my LLC, the banker I'm working with is giving me a commercial loan that requires 20% down. It's for 1 year at 5.25% interest only payments. There are 2 available clauses with the loan should something terrible happen and I can't sell within a year. I can either get a 6 month extension (up to 2x) or I can convert it to a conventional 30yr principle and interest payment.

The ARV I have is at a safe $108,000. The market would support a sales price of $112,000 as the prices out here keep going up. Again, I'm trying to play it safe. Scheduled to close in 3 weeks! The property needs cosmetics only. No tearing down walls, has new roof, new HVAC, new water heater and includes stainless steel appliances!