Jokeeta and Donte Marzett make tens of thousands of dollars on every home they flip. They share how they finance their home purchases and remodels — and how to mitigate risks associated with flipping.
They said they've used a hard money lender for purchase and repair costs. For Jokeeta and Donte Marzett,According to closing statements viewed by Insider, they've flipped homes for profits of $110,000, $50,000, $40,000, and $30,000, and they have more in the pipeline that they expect to net up to $100,000, depending on final renovation costs.
They bought it for $253,000, putting about $45,000 of proceeds from prior sales into it for a down payment and closing costs. For the remaining cost of the house , they borrowed from the hard money lender, plus another $75,000 for renovation costs. New buyers don't necessarily have to use any of their own money to buy a property, however, and can borrow it all from a hard money lender.
According to an appraisal report viewed by Insider, the property will be worth $450,000 when renovations are finished. That means they can expect to profit between $80,000-$110,000, depending on final renovation costs.Home flipping in any environment can be risky, but some say especially so in today's market.
Jokeeta and Donte said they aim to keep risks low by knowing the market they're buying in, and knowing the costs of repairs for big ticket items in a house like the roof, the HVAC, the plumbing, the electrical system, and its foundation.
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