Funding update (3/2/17 12:30pm PST): we have $270k funds ready for this flip. Flip is closed for funding. BUT we still taking backup funding options in case something changes – email us if interested.
Below is the investor’s portfolio outlining the details of the property and the flip project.
We have the property under contract.
- Purchase + Rehab + Holding (total all-in): $276,550
- Project duration (closing to closing): 6 months
- Projected selling price: $375,000
- Projected net profit to investor(s) (before taxes; after profit share): $40,741
- These are projections, not guarantees
- Answer needed: TBD
- Signed docs: TBD
- Submit non-refundable deposit: TBD
- Fund project account: TBD
- Planned purchase-closing: 8 months
- Reno start: 5/15/17
- Reno duration: 6 months
- Planned listing date: 8/15/17
Your Next Steps:
- Best to post your question below in the comment section (or email firstname.lastname@example.org)
- 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 $155,000 (was listed at $169,900)
- Comps in the area range from $360,000 to $399,000
- Waiting on final rehab figures, but current estimate is $105,000 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: $399,000
- 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.
- We buy it using conventional financing that can finance both purchase and rehab – we have such a mortgage resource for you (we must be prepared to close with funds independent of the conventional financing and get reimbursed by lender funds).
- 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, 4 bath
- Home was built in 1895 and is 3850 sq. ft.
- The house is a duplex that we convert a large single family home.
- The home has beautiful wood all throughout that we will restore while modernizing the home. This a very unique property.
After Renovation, the House will feature:
- 4 bedrooms and 3 bathrooms, including a master bed/bath suite
- Remodeled kitchen with new appliances
- Newly restored hardwood floors, doorways, and wall cabinets
- Master Bedroom/Bath Suite with a private access balcony
- Two historical updated fireplaces
- Painted exterior with Retro architecture and new landscaping
- Newly built 2 car detached garage
- House will have a beautiful open floor plan after renovation
This property is currently 2 units: upper and lower ones. There is a long term tenant in the upper unit (a college professor) who as part of the purchase agreement will stay for an extra 60 to 90 days until she finds a new place. The tenant has a lease and pays rent during this time.
Work will get started on the lower unit and exterior while she is still there, if necessary. We were just informed today (3/1/17) that the tenant has found a home and should be out by closing unless we close earlier with cash by the original plan.
|Estimated Renovation & Holding||$105,000|
|Prop Taxes, Reserve Finders Fee & Staging||$4,500|
|Target Selling date||7/31/2017|
|Target selling price||$375,000|
|Simply Do It (Facilitator)||25%||$18,519|
|Investor’s Return On Investment (ROI)||14.73%|
|Type||Price||BLC #||S||Address||City||Bds||Bths||Total Sq Ft||Acres||Yr Blt||Bsmnt|
|SFD||$345,000||21440167||Act||2002 Carrollton Avenue||Indianapolis||4||3||2,800||0.08||2017||No|
|SFD||$360,000||21442176||Act||2010 Carrollton Avenue||Indianapolis||4||3||3,200||0.08||2017||No|
|SFD||$379,900||21468353||Act||2009 North College Avenue||Indianapolis||3||3||3,143||0.16||2017||Yes|
|SFD||$399,900||21453196||Act||1820 Carrollton Avenue||Indianapolis||5||4||3,278||0.12||2016||Yes|
|SFD||$350,000||21409943||S||2353 North College Avenue N||Indianapolis||3||3||3,392||0.16||1900||Yes|
|SFD||$370,000||21439852||S||1808 Carrollton Avenue||Indianapolis||4||4||3,304||0.12||2016||Yes|
|SFD||$371,311||21449586||S||2309 North College Avenue||Indianapolis||2||3||3,770||0.16||2016||Yes|
List of COMPs Properties2045 Carrollton Ave List of COMPs
Inspection Report2045 Carrollton Ave Inspection Report