All Forum Posts by: Nick Carter

Happy to share my first rehab and hold property. I purchased the property through a short sale for $230k 2 bed 2 bath 912sq/ft condo in Mira Mesa, San Diego I only worked on it on the weekends and had to remodel the entire unit (2 baths and a kitchen) it took 4 months of 2-3 days a week I paid cash so my only holding costs were $300 month hoa payment so $1500 the total rehab cost including property tax was $19600 after all the dust cleared I am into the property $250k the property value is 300k I pulled 225k out with a mortgage payment of $1650 which covered tax hoa and insurance and am renting it out for 1850 so for the $25000 that I put into it plus my sweat equity I am cash flowing $2400 my first year of owning.

Derek p. Are you still holding those meet ups? I'm interested in getting more involved!

Thanks for your time guys i really appreciate it! I have been going through my numbers and after rehab, holding and closing costs I am looking at a 30k profit so 10% if it were sold at 300k. My realtor and I have gone through comps in the area 300 seems right. I would like to know what your opinion is on the profit margin. I am going to be paying cash so I have no interest overhead from financing.

Thanks again guys

Nick

I am asking this because i know that flipping a condo is a very controversial subject but i would like to hear input from people who have been in similar situations to get an idea of what I'm getting myself into.

Hello everyone!

My name is nick and I am new to this forum but I have come to you for some help. All input is welcome.

Here is my background I have been working construction for about 6 years now on and off and have the complete ability to remodel a home on my own.

I have the opportunity to purchase a condo at about 230k cash the property is valued at around 300k. The downside is I have to remodel the entire unit I have gone through it and have bid the job to cost around 25k if I were to hire out. I am not going to hire out I am going to be working on the property on my own on my off time and at most am planning on spending 12-15k on the property I have most the materials stocked up for the remodel.

- comps are selling with basic kitchen and bathrooms and carpet from 290-310k over the past 6 months

- hoa fee is 250$ a month

-middle class neighborhood great location between schools and shopping centers as well as business plazas in the area

- located in San Diego California

So this sale is a short sale I started about 7 months ago and low balled the offer because of the condition of the property. I was approved for the sale the other day and now it's up to me to pull the trigger. I need your input this is my first flip and feel I have all my ducks in a row but I would appreciate the input of a more experienced investor.

Let me know what you think???

Nick