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Updated over 6 years ago,
Just contracted on a wholesale deal - now what?
My wife and I just put our earnest money down, and contracted on our first deal. It's a wholesale deal in our own neighborhood, and a hoarder house... it's on the outskirts of the neighborhood, but we're very excited about it! We are financing with hard money, so we'll be trying to get it flipped ASAP. It needs foundation, hvac, windows, floors and cosmetics (basically everything). We are going to do as much as we can ourselves to learn what things actually cost and to save as much as possible during the rehab.
PP: 150k
Rehab Estimate: 46k
ARV: 240k+
We close on 8/30. What should we do first? I think I should probably go ahead and change the locks, get a roll-off dumpster delivered, and get the foundation guy out there on 8/31 to get that finished asap. We will spend the weekend getting all the hoarder junk out, and getting rid of all the tile/flooring we're going to replace anyway. Does that sound reasonable?
What should we do next?