Hi Everyone,
I am a brand new 25 year old investor and I just purchased my first property on last Monday to flip. We began working on last Friday. Although I am extremely excited I am also extremely nervous.
I've used several different calculators to calculate my potential profits. I am not sure if I am doing it correctly. I will put all of the details below and also attach a image of my Settlement Statement. If anyone one with experience can help me out with this when you get a little time, It would be greatly appreciated.
Financing through Sherman Bridge
Terms:
-12 Months Interest Only Payments
-80% of cost
-Holding back 80% of Rehab ( 20% is self funded)
-Interest Rate 10.99%
-2.75 Points
-$1100 Processing Fee
Purchase Price $105,000
Rehab Cost $78,950 Estimated Completion 80 days
$31,662.36 out of pocket.
See attached Settlement statement
Any help or suggestions are greatly appreciated.
