First fixer-upper Deal! I'm scared and excited!

[Jennifer Hillberg]

Hi - so I finally got started here in TX and have a contract on a fixer-upper house. I think its a good deal - but doing the first of everything is so hard for me because I'm not totally sure what I'm doing. I pray I don't make too many mistakes...

Here are the specifics: --

2 houses on one lot - purchase price $31,900
the main house is 3/1, 1200 sqft -- and needs cosmetic repair (paint exterior & interior, carpet, CLEANING, junk removal)
the back house is a 1 bedroom/1 bath/1 car garage -- about 500 sqft. It needs a lot of fix up -- someone was remodeling and stopped halfway.

My plan is to fix up the first one to rentalability (is that a word?), then fix up the 2nd house. Then, in the future, look into subdividing the lot (both houses face seperate streets - they are on a corner lot) and see if I can't make this into 2 houses on 2 lots. ARV of main house is about $65K and ARV of the little house is about $30K. Rents for the area for my house size are between $600-$700 / mo -- $350-$500 for the little house (mine would be on the high side b/c it comes with a garage and will be new on the inside).

We close at the end of October. I think its a good deal. The numbers work anyway.
But now I have to find people to help fix them up. Hopefully the current owner (not living in the property) will let me bring potential contractors by for estimates.

Anyway- just wanted to share! I was tired of watching everyone else do things - I needed to start!

Jennifer