It took almost 6 months to close on this house. I finally closed on December 29th but the house is now on hold while my crew finishes up on the Bathroom Hole House. We should start work in early February.
I have taken pictures of the house and completed the repair list. Here is a breakdown of the repair list:
|Replace Stolen AC Units||$6,500.00|
|Paint – Interior and Outside Trim||$2,500.00|
My purchase price was $33,250 and after all closing costs I paid a total of $35,003.53 (line 120 on the HUD-1). If my repair estimate holds I will have spent $51,803.53. The house has been appraised and the value is $80,000 after I make these repairs. Here is a breakdown of the number I expect:
|Purchase and Close||$35,003.53|
This repair estimate was made when I intended the house to be a rental. Now that I may flip it I may change some of the numbers. I may need to upgrade the flooring and add nicer appliances. This may reduce my profit some but I will decide on these items as I go.
I have posted a video walkthrough of the house at youTube.
Here are the pictures of the house before work begins.