Join me and walk through one of our latest projects, 355 Elyria Street in Lodi, Ohio - it's another house we're flipping based on our $40k Flips/Freedom Funding model. Let's run through the numbers...
$63,000 - Purchase Price
$62,000 - Rehab Budget
$125,000 -Total Investment
Out of our $62,000 budget, $15k is going into a new pole building being built next to the house and $5k is going into the exterior and landscape. With $43k left, where do we spend the rest of that rehab budget? I'll show you...
6 Reasons We Get Private Money Upfront
Recently I was back at 6911 Bear Swamp Road in Medina, Ohio discussing why we get all our private money upfront so that we don't have to worry about holding costs and carrying costs. Here's an overview on the numbers of this deal...
$92,000 - Purchase Price
$155,000 - Private Money Upfront
$1300,000 - ARV
If you remember from a previous training, this is the "Bricks and Sticks" house - we were selling off a piece of the land and splitting the land with the neighbors. We finally closed in August 2016 and since it was all "bricks and sticks", we had almost no demo to do inside.
I'll walk you through our open concept ideas and share my 6 reasons for getting our private money upfront, watch it now...
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