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1. The Flip Formula
Are you interested in buying houses
with the intentions of flipping them to
owner occupants? If so, here is the
exact formula you should use when
evaluating a deal for this purpose.
This formula will show you what your pretax net profit should or could be.
-After Repair Value minus
-Purchase Price [this is what you are paying for the property]
-Closing Costs [ this will vary but should be between 2 - 10% of the
after repair value]
-Insurance Costs [about $500 for 6 months on most homes]
-Rehab Costs [figure in a contingency as well]
-Mortgage Payments [figure at least 6 months worth of payments]
-Utility Costs [figure at least 6 months of costs]
-Property Taxes [figure 6 months at least]
-Real Estate Agent Commission [varies but will be between 4 - 6% of
sale price]
-Sales Costs [transfer tax etc, figure 1.5% of sale price]
=Your Potential Pre Tax Profit
Good luck. This is an awesome strategy to generate quick cash profits.
Log onto PaDeals.com right now to be part of the most exciting real estate
opportunity found anywhere.
Zack Wiest
PaDEals.com
717-901-7763 Ext. 300