New House Flip Purchase: Bought 4/17/2020 for $215,000 and Worth $330,000 When Finished

Yes, we bought a house flip in the middle of the coronavirus pandemic! This house was listed on the MLS for $230,000 a few weeks ago. I made an offer on it without seeing the home in person and we agreed to $215,000. The house has 3 bedrooms, 1 bath, and a great oversized 2 car garage.

We will need to do quite a bit of work on this one as it needs flooring, paint, a roof, kitchen, bath, some drywall work, fixtures, and maybe electrical and plumbing. I did not see the home in person before making an offer but there was an inspection that I could look at with pictures and any issues listed. I did not see any major problems with the foundation or structure so I was good with the inspection. I make most of my offers without an inspection clause to get me more deals which is what I did here as well. The first time I saw the house was a week after getting the deal locked up knowing I would still be buying it no matter what!

I am thinking we will spend from $40,000 to $50,000 on the repairs and another $25,000 or so on selling costs, carrying costs, and financing costs.

The big question is what will the market be like when we are ready to sell it! I do not think the real estate market will crash but you never know with all the craziness going on in the world.

Here is my take on the housing market from a couple of years ago: https://www.youtube.com/watch?v=jXLmpAcLPSw&list=PLoQKPI7WPeHhQgtuoLJ_lANNWrUp1Mb7r&index=54

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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped over 180 houses and routinely flips 20 to 30 houses a year. Mark owns 20 rentals properties as well including a 68,000 square foot strip mall. Mark is the managing broker and owner of Blue Steel Real Estate. Mark is also a member of the Forbes Real Estate Council.
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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