All Forum Posts by: Sam Collins

@Drew T Heberer

Awesome!

@Andres Bautista

Hey and welcome! I am also from the Houston area. Best of luck In your venture. If you ever need anything feel free to reach out. I will see if I can help!

@Asiah Patton

Run them through the calculators. They will let you know if they are good deals or not. Best of luck

@Sean Chua

Do not go off Zillow’s estimate. Usually way off. You need to consider a few things. Main thing for me would be the 50% rule. 50% of the income will go towards maintenance, cap x, vacancy, and taxes.

@Allen McGlashing

I agree 100% with this. I set my criteria at 70% also

Just remembered the Sheetrock was replaced on all the ceilings.

You will want to be at or bellow 75% of ARV minus rehab cost.

(After Repair Value X 0.75) – Repairs = Maximum Purchase Price

Help me with the numbers please!

I am currently looking at a

2/1

1160 sqft

.5 acre lot

Built 1960

Pier and beam

Foooded during Hurricane Harvey and all Sheetrock, insulation, and flooring has been removed.

Home owners have installed new sub floor, new electrical, PEX water lines.

Things needed is:

Sheetrock on ceiling and walls

Insulation

Some type of flooring

3 internal doors

Toilet and bathtub

Vanity and sink for bathroom

Kitchen cabinets and sink

Ceiling fans

(Unit has window units for cooling, considering putting a mini split in)

Purchase price: $26,000

ARV: $100-103k

Comp rent: $895

What do you think rehab will cost and is this a

good deal? This will be my first flip if we go with it the house is not in a great area so not really interested in keeping it for a rental

@Karl McGarvey

E&O is covered through the brokerage that I was looking at going with.

Here is a break down of what I have been told.

Annual fees:

HAR,NAR, TAR: $469.00

MLS: $447.72. Or $111.93 a quarter

Supra: $13.69 per month or $164.28 a year

License renewal every 2 years: $55.00 annual

Docusign: $225

@Wale Lawal

Thank you for the article I will give it a read