We have the property under contract.
- Purchase + Rehab + Holding (total all-in): $378,550
- Project duration (closing to closing): 6 months
- Projected selling price: $520,000
- Projected net profit to investor(s) (before taxes; after profit share): $61,361
- These are projections, not guarantees
- Answer needed: TBD
- Signed docs: TBD
- Submit non-refundable deposit: TBD
- Fund project account: TBD
- Planned purchase-closing: 7 months
- Reno start: 5/1/17
- Reno duration: 3-4 months
- Planned listing date: 8/25/17
Your Next Steps:
- Best to post your question below in the comment section (or email email@example.com)
- Let us know if you are interested to participate.
- Let us know which financing option (see below) is most relevant for you and approx. how much you have available.
High-level Details About Flip:
- Offer has been accepted and is under contract.
- The purchase price is $237,000
- Comps in the area range from $499,000 to $665,000
- Waiting on final rehab figures, but current estimate is $125,000 including holding costs.
- Currently the property is under contract for a land trust and will need to be transferred to the buyer’s name (investor’s name)
- Goal selling price is: $550,000
- As always, this flip is first come, first serve.
- All flips are eligible to be converted to long-term rentals; contact SDI for more details.
- You buy it solo cash / private loan and rehab with cash.
- Close with cash and use lender funds to rehab. We have such a mortgage resource for you.
- We partner you up with one or more Simply Do It investor(s) using one of these methods.
- Funds can be invested in the form of cash and retirement funds.
About Land Trusts:
It’s a way to hold real estate with much more simplicity than an entity or LLC and requires a trust agreement, beneficiaries’ agreement, appointment of trustee and appointment of director. These documents will be provided to the investor(s) who participate in this flip.
House currently features:
- 4 bedrooms, 1 full bath, 2 1/2 baths
- Home was built in 1940 and is 3,489 sq. ft.
- The house is a on a corner lot in a very desirable area acquired through an estate sale
- The home is great condition but needs to be updated for the modern buyer
After Renovation, the House will feature:
- 4 bedrooms and 2 full bathrooms, and 2 half bathrooms including a master bed/bath suite
- Remodeled kitchen with new appliances
- Open modern floor plan
- All bathrooms remodeled
- Finished basement
- Newly restored hardwood floors
- Painted exterior with addition for master bed/bath suite and new landscaping
There is extremely high demand for this property. There were 50 agents at the one hour showing of this home. There were also multiple cash offers for this property. Many of them were higher offers than ours We were able to get the property under contract because we were the first to make a formal offer, and we developed a relationship with the seller and agent. This is an estate sale and the children cannot afford to live in the home or pay for all the moving costs. So, we are allowing them 5 days to move everything out of the house after the close and allowed them to choose the closing date. We can start construction the day after closing.
|Estimated Renovation & Holding||$125,000|
|Prop Taxes, Insurance & Staging||$4,500|
|Target Selling date||7/15/2017|
|Target selling price||$520,000|
|Simply Do It (Facilitator)||25%||$26,913|
|Investor’s Return On Investment (ROI)||15.64%|
|Sold||$665,000||5034 N Illinois St||Indianapolis||4||3/1||4,342||2016||Yes|
|Sold||$574,900||121 W 44th St||Indianapolis||4||3/1||4,827||1907||yes|
|Sold||$539,000||5127 N Kenwood Ave||Indianapolis||5||4||4,838||1920||Yes|
|Sold||$549,000||215 W West Ridge Rd||Indianapolis||4||3/1||3,392||1930||Yes|
|Active||$499,000||321 Blue Ridge Rd||Indianapolis||5||2/2||2,110||1931||Yes|
Few blocks from the Indiana Governor Mansion (0.5 miles – 9 mins walking)