Quick Flip Opportunity with 26% Lender ROR!
Irvine, CA
Bedrooms: 4, Bathrooms: 3.0, Sqft: 2465, Lot Size: 6270, Year Built: 1973
Brought to you by:
REI/kit
(855) 234-FLIP
info@reikit.com
Notes
Low risk on-market deal in an area with huge demand that will sell quickly when finished.
Minor rehab required, team is in place and ready to go.
Requesting financing of purchase and rehab costs of $472,885 at only 61% ARV.
Offering a 9% guaranteed rate with 2 points and 25% profit share! This is a projected 26% annualized return to the lender!
Presented by:
Kuba Fietkiewicz
(855) 234-FLIP
kuba at reikit dot com
Project Summary
Project Costs
Purchase Price | $545,000 | |
Purchase Costs | $22,800 | |
Rehab Costs | $41,000 | |
Rehab Contingency (10%) | $4,100 | |
Rehab Holding Costs | $21,184 | |
Total Project Costs | $634,084 | |
Financing | ($429,030) | |
Cash out of Pocket | $205,054 | |
Rehab Project Length | 3 Month(s) |
Project Returns
Sales Price | $770,000 | |
Project Costs | ($634,084) | |
Sale Costs | ($29,600) | |
Profit Amount | $106,316 | |
Private Money Partner Share (25.00%) | $26,579 | |
Remaining Share | $79,737 | |
ROI | 51.85% | |
ROR | 207.39% | |
Unlevered ROI | 16.77% | |
Unlevered ROR | 67.07% |
Lender Summary for Private Money
Projected Lender Returns
$45,313
Income + Profit Split
10.562%
ROI
42.247%
ROR
Loan Assumptions
Sales Price/ARV | $770,000 | % of ARV | |
Purchase Price w/Costs | $567,800 | 74% | |
Rehab w/Contingency | $45,100 | 6% | |
Rehab Holding Costs w/Debt Service | $21,184 | 3% | |
Rehab Cash Needed | $634,084 | 82% | |
Financing of: | Purchase and rehab costs | ||
Amount Financing | $612,900 | 80% | |
Downpayment (30%) | ($183,870) | 24% | |
Loan Amount | $429,030 | 56% | |
Loan Returns
Rate | 9.000% | |
Term | 3 Months | |
Interest Payments | $9,653 | |
Points (2.000) | $8,581 | |
Fees | $500 | |
Loan Income | $18,734 |
Profit Split
Profit Split to Lender | 25.000% | |
Projected Rehab Profit | $106,316 | |
Amount to Lender | $26,579 |
Comps
| Address | Dist | Beds | Baths | Sqft | Sold ($) | $/sqft | Sale date |
| Irvine, CA | N/A | 4 | 3.0 | 2277 | $990,000 | $435 | 2017-06-09 |
| Irvine, CA | N/A | 4 | 3.0 | 2337 | $900,000 | $385 | 2017-07-21 |
| Irvine, CA | N/A | 5 | 3.0 | 2621 | $882,000 | $337 | 2017-08-10 |
| Average: | $924,000 | $386 | |||||
CMA Summary
By Average of Sales
Adjusted Comps
Avg of Adjusted Sales ARV | $924,000 | |
Subject Sqft | 2,465 | |
Adjusted $/sqft | $375 |
Unadjusted Comps
Avg of Sales ARV | $924,000 | |
Subject Sqft | 2,465 | |
Avg of Sales $/sqft | $375 |
By Average of $/Sqft
Adjusted Comps
Avg of Adjusted $/sqft | $386 | |
Subject Sqft | 2,465 | |
Calculated Adj. ARV | $950,668 |
Unadjusted Comps
Avg of Unadjusted $/sqft | $386 | |
Subject Sqft | 2,465 | |
Calculated ARV | $950,668 |
CMA Detail
| Basics | Subject | Comparable | Comparable | Comparable | ||||
| ||||||||
| Address | Irvine, CA | Irvine, CA | Irvine, CA | Irvine, CA | ||||
| Sold Date | 1993-12-14 | 2017-06-09 | 2017-07-21 | 2017-08-10 | ||||
| Sold $ | $214,000 | $990,000 | $900,000 | $882,000 | ||||
| Sqft | 2,465 | 2,277 | 2,337 | 2,621 | ||||
| $/sqft | $87 | $435 | $385 | $337 | ||||
| Features | Feature Values | Units | Units | Adjustment | Units | Adjustment | Units | Adjustment |
Bedrooms | $0 | 4.00 | 4.00 | $0 | 4.00 | $0 | 5.00 | $0 |
Bathrooms | $0 | 3.00 | 3.00 | $0 | 3.00 | $0 | 3.00 | $0 |
Garage spaces | $0 | 2.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Carport spaces | $0 | 0.00 | 0.00 | $0 | 0.00 | $0 | 0.00 | $0 |
Lot size sqft | $0 | 6,270.00 | 4,229.00 | $0 | 5,000.00 | $0 | 5,000.00 | $0 |
| Adjustment Subtotals | $0 | $0 | $0 | |||||
| Adjusted $/sqft | $375 | $435 | $385 | $337 | ||||
| Adjusted ARV $ | $924,000 | $990,000 | $900,000 | $882,000 | ||||
| Notes | ||||||||
Purchase Costs
| Name | Type | Cost | |
| Title Search | $ Amount | $500 | |
| Title Insurance | $ Amount | $0 | |
| Inspection | $ Amount | $500 | |
| Closing | 1.00 % of Purchase | $5,450 | |
| Commission | 3.00 % of Purchase | $16,350 | |
| Total Purchase Costs: | $22,800 | ||
Sale Costs
| Name | Type | Cost | |
| Commission | 3.00 % of Sale | $23,100 | |
| Broker Fee | $ Amount | $1,000 | |
| Transfer Tax | $ Amount | $500 | |
| Title Insurance | $ Amount | $500 | |
| Warranty | $ Amount | $500 | |
| Staging | $ Amount | $3,000 | |
| Photography | $ Amount | $1,000 | |
| Total Sale Costs: | $29,600 | ||
OpEx: Utilities & Periodic Costs
Annual Expense Growth Rate: 3.0%
| Name | Setup ($) | Amount ($/period) | Cost |
| Property Taxes | $0 | $8,000/ Year | $2,000 |
| Insurance | $0 | $150/Month | $450 |
| Total OpEx Costs: | $2,450 | ||
Summary Rehab Estimate
| Category | ($) Amount | |
| Kitchens | $10,000 | |
| Bathrooms | $5,000 | |
| Painting and Finishing | $5,000 | |
| Windows | $1,000 | |
| Floors and Tile | $10,000 | |
| Plumbing and HVAC | $10,000 | |
| Total Rehab Cost: | $41,000 |
Property Photos