My Life In Real Estate - “Good Bones” Real Estate Flip Yields $45,000 profit?

My offer just got accepted on this house at 1171 Gardner Rd., so come along with me as we go in for our first look. It is a very roomy house with 4 bedrooms, 3 full baths, 2 fireplaces, and a full basement that could be finished. It is a bank-owned property; owned by Bank of America. We are paying $56,905 for the house; a private investor gave us money for another house and we’ll pay back that principal plus interest, and use the principal to buy this rehab project. Our rehab budget is about $25,000, so we’ll be in for about $80,000. We’ll start with all the usual cosmetic work because the “bones” of the house seem to be very good, and the best part? No mold to deal with! Our challenge will be not putting too much money into it. The after-repaired value is $145,000.

We will make about $40,000+. Should we do this deal or not?

Leave me a comment below and let me know….is this a deal or no deal????

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