The price paid or expected to pay for a flip property.
What is it going to cost to fix and market?This figure includes labor and materials.Note: If you have the skills and time to do any labor yourself, this can significantly increase the bottom line. * A little sweat, you won't regret!
When borrowing, what is your interest rate?HELOC's are often a great low-interest option for obtaining working capital.
How many months will it take to complete all necessary repairs? A good rule of thumb is to take what you think and double it. The more experience you gain, the greater you will be ableto hone in this value for future flip projects accurately.
The amount borrowed for the real estate flip project.
The amount you’ll pay in interest on your loan per month.
This is the monthly portion of the annual or semi-annual property taxes that accrue each month.
Speak to your insurance agent about the difference between unoccupied property insurance and standard insurance. Ask for advice about other insurance options that may best fit your needs. Explain that you will do this regularly to encourage them to provide the best options and rates. Remember, insurance agents typically work on 100% commission, so it is essential they understand your long-term goals to understand how they can maintain you as a long-term client.
Average monthly utility expenses: water, electricity, gas, oil, etc.
Any other recurring monthly expenses you expect to incur throughout the real estate flip project.
All of the investments associated with selling the property in the fastest time for the greatest value. This includes real estate fees, staging, marketing, etc.