At Wade’s Exalted homes we focus on properties that most investors will not touch. We  take on the homes that scare the others away. We do our due diligence to ensure that our costs are accurate and that all things are considered before we ever put an offer on a home. We work with local contractors to ensure the highest quality work in the most efficient time.

We are looking for some specifics when we invest:

– The home has to be able to bring a profit of at least $20,000 at the end of the renovation

– Non-rural homes only

– Proximity to desirable amenities

– Possibility of purchasing multiple homes in a single area (increases each home’s value)

We stay conservative on all numbers. Below is an example of our cost analysis:

(1) Home must meet the criteria above

(2) Any counter offers must maintain the $20K profit margin

3101 Benbrook dr

This is a 3 bedroom 2 bathroom 1500 sqft home. Asking price: $75,000
Financial Breakdown
According to our research and data collected, we can afford to offer $46,600.00 to make a profit of $20,000.00. This is based on an after repair value (ARV) of $100,000.00, a rehab budget of $24,000.00, and holding costs of $1,800.00.
Estimated Repairs
Exterior Repairs
Roof.   $7,000
Concrete.   N.A.
Gutters.   N.A.
Garage.   N.A.
Siding.   N.A.
Landscaping.   $1,000
Exterior Painting.   N.A.
Septic.   N.A.
Decks/Porches    N.A.
Foundation.   N.A.
Interior Repairs
Demo.   $1,000
Sheetrock.   $600
Plumbing.   N.A.
Carpentry / Windows / Doors.  $600
Electrical.   N.A.
Interior Painting.   $400
HVAC.   $200
Cabinets/Tops.   $3,500
Framing.   $700
Flooring.   $7,000
Insulation.   $1,500
General Components
Permits    N.A.
Termites.   N.A.
Mold.   N.A.
Miscellaneous.   $500
Total Repairs: $24,000.00
Purchase Costs
Purchase Price: ($46,600.00)
Purchase Closing Costs: ($600.00)
Total ($47,200.00)

Rehab Costs
Total Rehab Costs: ($24,000.00)
Total ($24,000.00)

Holding Costs
Monthly Holding Costs: ($900.00)
Total Days Held: 60
Total ($1,800.00)

Sales Costs
Sales Price After Fix Up (ARV): $100,000.00
All Selling Closing Costs: ($1,000.00)
Real Estate Agent Fees: ($6,000.00)
Total $93,000.00

 

Total Profit for Flip $20,000.00

 

For any questions regarding our process please contact us.

 

Home page