First Closing

I thought I would share some pretty exciting news around the Quiver Funding office. Tomorrow we close on our first property here in Southeast North Carolina!

The property we’re buying is a 3BR, 2BA, almost new home located just outside of Jacksonville. The home was built in 2009 and after a site review, it need very little in the way of renovation. Our plan is replace all the flooring (there is currently vinyl flooring in the kitchen/dining and baths) We’re going in with laminate wood, and ceramic tile. Our plan is to also replace all the carpet throughout the house.

OK…numbers:

We’re purchasing the home for $94,400, after closing costs and current property taxes. We anticipate putting about $4,000-$5,000 in flooring and tile (it also needs a range). So total hard costs are hopefully just under $100,000.

Our research shows similar houses in the area have been selling in the $135,000 range. So after real estate commissions (5% – $6,750) we hope to net approx. $28,000, a 28% return on our initial $100K. Pretty great for a three month turnaround (anticipated market time) That’s 112% annualized return!

We’ll be posting updates, so you can see how we did and we’ll include some photos in the next post, some before and after photos.

Thanks and drop us an email anytime, we’d love to meet you.

Quiver Funding LP