So I finally decided to sit down and write about my first RE deal like I said I would quite awhile ago in my intro post.
The house is a flip that me and my wife bought back in October and took possession of in November. It's a 1545 sq. ft. 2 story in one of the better older neighborhoods in town. I've been wanting to do a flip for as long as I can remember so I'm pretty excited that I'm now doing it and it's basically become my full time job. It's about as perfect a house comes for a flip, we bought it off an older couple who have lived there since 77' (house built in 67') and they did almost nothing to upgrade it, almost completely original, but in perfect shape and very structurally sound. Most people were turned away because of all the work needed to be done to bring it upto date. Probably the biggest flaw with it was that it had four bedrooms with only one place to bathe. Not really acceptable in this day and age.
I'm changing this though by taking out some walls and shifting around the layout of the house a bit, creating a second bathroom that can be used for bathing, (three bathrooms total).
We bought it using a line of credit on our house we live in, which really helped us in the negotiating process as we didn't have to wait for financing, not having the stipulation of "subject to financing" in the conditions can really get people to move knowing that the deal won't fall through once they accept your offer. I actually hadn't finished setting up the line of credit when we bought the house, bit of a risk, but it worked out great. We purchased for $283,000, and while I'm doing this reno, I've been keeping my eye out for comparables for sale. From what I've seen, we could potentially get close to $450,000 for it, and I'm expecting to have about $330,000 into it when all is said and done. Makes for a real nice profit
I'm also hoping to structure it so that it's 100% tax free.
I'm doing most of the work myself, but there are a few things I'm subbing out that I just don't think are worth the time and stress for me to do it. (Windows, exterior painting). I'm hoping to have it done and on the market for the end of April.
I'll let you guys know how it goes and how much I end up making on it.
Gotta love that bathroom
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The house is a flip that me and my wife bought back in October and took possession of in November. It's a 1545 sq. ft. 2 story in one of the better older neighborhoods in town. I've been wanting to do a flip for as long as I can remember so I'm pretty excited that I'm now doing it and it's basically become my full time job. It's about as perfect a house comes for a flip, we bought it off an older couple who have lived there since 77' (house built in 67') and they did almost nothing to upgrade it, almost completely original, but in perfect shape and very structurally sound. Most people were turned away because of all the work needed to be done to bring it upto date. Probably the biggest flaw with it was that it had four bedrooms with only one place to bathe. Not really acceptable in this day and age.
I'm changing this though by taking out some walls and shifting around the layout of the house a bit, creating a second bathroom that can be used for bathing, (three bathrooms total).
We bought it using a line of credit on our house we live in, which really helped us in the negotiating process as we didn't have to wait for financing, not having the stipulation of "subject to financing" in the conditions can really get people to move knowing that the deal won't fall through once they accept your offer. I actually hadn't finished setting up the line of credit when we bought the house, bit of a risk, but it worked out great. We purchased for $283,000, and while I'm doing this reno, I've been keeping my eye out for comparables for sale. From what I've seen, we could potentially get close to $450,000 for it, and I'm expecting to have about $330,000 into it when all is said and done. Makes for a real nice profit
I'm also hoping to structure it so that it's 100% tax free.I'm doing most of the work myself, but there are a few things I'm subbing out that I just don't think are worth the time and stress for me to do it. (Windows, exterior painting). I'm hoping to have it done and on the market for the end of April.
I'll let you guys know how it goes and how much I end up making on it.
Gotta love that bathroom
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