All Forum Posts by: Blaine Hubert

The large spread is because there are so many houses in this neighborhood that have never had any updates. I have yet to find 1 house that has had a complete renovation. This is one of the more desireable neighborhoods in my town.

I'm pretty confident that my repairs number is a little higher than necessary but I wanted to be safe. Also, I think the house should be able to be sold for approx $129,900-$134,900 pretty easily but I've been using $125,000 for a number again just to be safe. I would rather over/under estimate on the safe side at all times especially on my first deal.

Thanks

Before - http://www.904kingswood.com/before
After - http://www.904kingswood.com/after

Hi,

I've got my first house under contract and would like to know what you all think about the deal. I will try to give all numbers here for you to make good comments. If I forget anything just let me know.

I'm planning to buy and flip this house, it does not seem to be a good candidate to a rental.

Asking Price - $80,000
Purchase Price - $72,000
Repairs - $22,000

ARV - $120,000 - $140,000
House was build in 1975, most other houses in the area that have sold recently and are currently for sale were build between 1970 and 1980 but are 75% or more all original.

Loan for 90% of purchase price at 7.5%
HELOC for for other 10%, closing costs and Repairs at 6.99%

Taxes: $1250 per year
Location: Western Ohio
Sqft: 1659
3bed, 2bath, 2car garage
Insurance: $300 per year

Utilites should be around $150 per month while holding.

The deal looks pretty good to me. I have left about 10% in my repairs costs for a fudge factor for anything unexpected.

Please let me know what you think.

Thanks