Loan amount
$99,500
Loan type
Purchase {Fix&Flip}
After Repair Value
$135,000 {PP:$40,000}
ARV
74% {ARV}
Property type
Single Family
Borrower Details
Credit score
570
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Lansing
State
Michigan
Loan Details
Purchase price
$40,000
Down payment
$500
Cost of improvements
$60,000
Estimated property value after repairs
$135,000
Additional Loan Information
I'm working with a licensed realtor and he has given me a few suggestions and the one I would like to get started on ASAP is a 3 bedroom, 1.5 bath, 1200 sqft. I plan to update and modernize the main floor and create an open concept kitchen with new cabinets, countertops, appliances and new flooring throughout. I'm looking into expanding the upper level to accommodate an additional bedroom and also have plans to add a shower to the half bath and renovate the full bathroom. Some yard work is needed and I would like to replace the front facing privacy fence. Basement finishing is in the air, I'm still working the numbers on that. My city is in dire need of larger homes and I am very confident this house will sell fast.
I have been remodeling and renovating houses for landlords and property owners for over 20 years with dreams and ambitions of one day becoming an investor. I'm finally tired of mediocre pay and working my tail off just getting by while making someone else richer. I've been in the REI business long enough to know how to increase a homes value and estimate it's worth. I also have an extensive background in construction and that knowledge will be very useful for estimating supplies and cost of repairs. I stay updated on market values and comparable homes that have recently been sold to ensure good deals.
Like I mentioned before, I'm tired of just having my foot in the door of this business, I want in, all the way in.
Status
Created
June 30, 2023 - 5:32pm

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