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nice! Posted by: Ken Holmes (ken in sc) Full time since 1998
Posted on : 3/12/2010 12:04:31 PM I am about to try this out...so I hope it really works. I paid 76K for a house I am about to sell for 125K to an FHA buyer. All I had to do was carpet, paint, and a little vinyl siding repair....about 6K in work and one week. So, if my math is right I am doing a little better than the 20% profit.
If I have issues I will report back to everyone here. Heck, you'll hear me screaming where you are! Ken
"Whether you think you can or think you can't, either way you are probably right."
http://flippingfun.blogspot.com/
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Re:nice! Posted by: Scooby
Posted on : 3/12/2010 3:00:40 PM You may want to have some bigger rehab figures handy in case you are challenged on it.
Was it $6k you spent on the rehab or was it $26k?? Oh, yeah. It WAS $26k Mr. FHA lender. ($6k for rehab materials and $20k for the management of the rehab for a total of $26k, right?) Now, you are only making approx 20%.
Please do keep us posted. You are a pioneer (or guinea pig), Ken. Good luck! |
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Re:nice! Posted by: Russ L
Posted on : 3/12/2010 3:03:40 PM I'm doing one right now too, ken Blessings,
Russ L
Enjoy life, Encourage other's to do the same. |
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RE Posted by: bss2t Realtor/Student
Posted on : 3/15/2010 11:42:21 AM
That's a beautiful flip. BEAUTIFUL. Bradley Smotherman
Nashville Tn
http://www.real-estate-murfreesboro-tn.com
"To give anything less than your best is to sacrifice the gift."
-Steve Prefontaine |
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