Hello everyone, and thanks in advance to anyone who responds. This website is great.
Doing my 1st deal in DFW. This is a flip, figuring the carrying time of 90 days. 6% agents fee in initial sale, max. 3% in resale. Conv. financing, no HML
Foreclosure, SFH, 4/2.5/2 Nice looking neighborhood, homes move in 60-90 days.
House 2 doors down, slightly larger (2210 compared to 2085) is on market for $173,000.
Comps $155-175,000
Avg. sq. ft. $78.
List price $131,000
Tax Assessed $159,000
Offer $120,000
Repairs
Foundation 10,000 (bids coming in, worst case)
Carpet 3,000 (tile work in kitchen, etc. is good)
Cosmetic 2,000 (paint, yardwork)
ARV $165,000
Profit after fees $15,000
Investment strategy is to use the profits to invest in rentals. Want to average about 1 flip per month, using those profits for income property.
Last thing, this house is off the market because it was supposed to close last week. The buyers have been unable to close and the bank has not given an extension. The agent said the bank is willing to consider my offer and withdraw from the other deal if this is accepted.
Thanks again for all the help and support on this site. It’s great. Betty