All Forum Posts by: KIran K.

@Lawrence Ajao

I personally wouldn’t take a 30-40k hit.

What rate are you being quoted for the refi?

@Steve Cook

That’s the way I look at it too... thank you :)

@Marlen Weber

Indeed! Thank you..

@Erik B.

A recommendation from a realtor “friend” of ours. Truthfully we were too careless, naive, and excited.

Didn’t think anyone could have been so negligent and dishonest. We tried to go through litigation to get some of the money back but the man doesn’t have a dime to his name. Overall it was our bad and paid a hefty price for our own carelessness.

@Keith Resnover

Indianapolis

@Peter Mckernan

Thank you so much :) it was tough at first but I took about 8 months to bounce back! Lol I used to hear stories on bigger pockets all the time about the losses and I would think “wow you gotta be really careless for that to happen” then it happened to me and I didn’t even see it until it was too late!

We could have easily just held the property for like 3 months and made a profit without even doing anything to it. It was a good buy.

@Jaquetta Turner

No problem! Thank you for reading :)

@Darius Ogloza

Oh yes very well aware of that. My family lives there so I will be staying with them over the term of the flip watching it very closely. This time the plan is to buy smaller and start fresh ... most of it needs to be diy.

@Angela Smith

This was in Sacramento california not Indi!

@JD Martin

Oh yes ma’am I definitely am lol

Holding costs... we held the house for over 9 months paying $2456 per month =22,104

Material costs - around 25k (this is why you go buy your own material)

Labor- around 30k

We had to pick up loans for the rehab and we were paying $1200 a month for that too. Times 7= $8400

These loans cost around 4k to get because we were first timers.

Commissions around 5% of the pp ..415k *5%=

Purchase price was actually 370k (made a typo)

Selling price was 415k

Total lost was $110,254