I found my first flip buying off my own mail list and the numbers are holding so far
Under contract at 138k on a 3/2 in Warner Robins, Georgia. The seller responded to my fourth mailer, which I did not expect because I had written that address off after the second one. ARV I'm working with is 197k based on two comps that closed in the last 60 days within about a quarter mile. Cosmetic scope only, the bones are fine, and I'm budgeting 22k for paint, floors, kitchen fixtures, and landscaping. Hard money lined up at 12 percent with two points, 90 day term. Carry on that works out to roughly 140 a day all in when I count the loan interest and holding costs together. The thing I keep staring at is that my cash to close is going to be around 34k and I don't have a buyer yet. I've got one investor I've been texting who flips in Houston and says he's looking to expand, so I sent him the address and the comp sheet yesterday. No response yet. If he passes I'll list it myself once my license clears, which my broker says is 6 to 8 weeks from now, and that timeline makes me nervous given the carry. Worst case I assign it for 8k and let someone else deal with it. I haven't decided.