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Message
re: Information for my fellow Real Estate Investors
Posted on 4/26/16 at 10:05 am to Fat Bastard
Posted on 4/26/16 at 10:05 am to Fat Bastard
I just got a full asking price offer on our latest flip.
Details:
3 bed/2 full bath
Bought foreclosed for $61,000 including closing
Rehab was around $23,000 for all in price of around $84,000
Asking price was $122,900 and got it minus $4,000 towards their closing.
Our rehab here was extensive. Gutted two bathrooms, painted, new flooring throughout, all new appliances, repaired some structural damage due to termites, etc.. Rehab time was about 5 weeks. Second flip and four rentals since my original thread here in Feb. 2015.
Details:
3 bed/2 full bath
Bought foreclosed for $61,000 including closing
Rehab was around $23,000 for all in price of around $84,000
Asking price was $122,900 and got it minus $4,000 towards their closing.
Our rehab here was extensive. Gutted two bathrooms, painted, new flooring throughout, all new appliances, repaired some structural damage due to termites, etc.. Rehab time was about 5 weeks. Second flip and four rentals since my original thread here in Feb. 2015.
1
Posted on 4/26/16 at 10:19 am to stevengtiger
That's fabulous. so roughly 35k profit after all rehab costs/labor and closing you helped on?
Also, was this a REO from a bank who let you perform an inspection? Or did you buy it at a auction for cash up front without inspection being allowed? No way i could do business like that without knowing what i had to work with ahead of time for my budget.
Also, was this a REO from a bank who let you perform an inspection? Or did you buy it at a auction for cash up front without inspection being allowed? No way i could do business like that without knowing what i had to work with ahead of time for my budget.
This post was edited on 4/26/16 at 10:22 am
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