Mission First Homes

01/26/2024

Flip is active on the market!
CHECK OUT THAT KITCHEN 🤩
Tons of showings scheduled already 🔥

Love the getting feedback, let us know what you think in the comments!

Listed by: Ryan Greenberg
PE Home Group of Lux Realty 🏡

(BRIGHT MLS) For Sale: 5 beds, 2.5 baths ∙ 1503 sq. ft. ∙ 137 Olen Dr, Glen Burnie, MD 21061 ∙ $405,000 ∙ MLS # MDAA2076574 ∙ Welcome to your newly renovated dream home, where modern design meets comfort in ever...

11/28/2023

Check out this before and after 🤯🤯

10/20/2023

I’ve noticed a lot of struggling realtors looking for other angles of attack…. Just wanted to throw this info out there in case you come across a potential flip property… if it meets these rules myself or another investor will buy it.. We get so many deals from realtors saying “great flip opportunity”, when it will lose money, or “great cash flowing investment”, when it doesn’t cashflow at all. Here is generally how us flippers buy… (I’ll do a separate post for rental calculations)

1) Determine ARV (after rehab value) that meets the expectations of the neighborhood. BE CONSERVATIVE! Don’t comp the highest and best property stretching for a homerun.. Be realistic for todays market conditions. But make sure to account for it being rehabbed and move in ready!

2) Determine rehab costs… this is hard if you don’t have experience rehabbing, but do some research in your market. Every market is different so I can’t help with exact numbers - but our system is as follows. I’m a

Level 1: $20 per sqft - cleanout, paint, cosmetics, code upgrades for 4 point etc

Level 2: $40 per sqft - all of the above plus some flooring / appliances / light fixtures / vanities etc

Level 3: $60 per sqft - all of the above plus bathroom remodels, kitchen cabinets and countertops, paint inside and out, landscape etc

Level 4: $80 per sqft - all of the above plus heavy rehab including roof / ac / moving walls or adding bedrooms etc

ONCE YOU HAVE THESE TWO NUMBERS…

We call it the 75% rule…

Take the ARV X .75… minus rehab costs..

EX: $250,000ARV x .75 = $187,500

$187,500 - $30,000 Rehab gives us the price we pay of $157,500.

This spread includes closing costs twice, your realtor fees on both ends, rehab, hard money loan costs.. leaving us flippers that do all the work and take all the risk a very conservative profit. With higher priced properties that 75% rule can turn into an 80% rule - however since we have a in house realtor we can work with the numbers to make a better offer than our competitors who have to pay realtor fees.
This is the goal

75% of ARV - REHAB = SALE PRICE

Picture for attention 🤩

09/29/2023

We need your help choosing flooring for “The Willow on Olen” flip!! Comment below!!

09/02/2023

This is going to be a fun one 🏡

When we say we buy homes in ANY CONDITION. We mean it! We will be documenting every step of this journey. So, if you want to see this place go from this to absolutely stunning home. Follow along!