First Fix and Flip Under Contract and Have a bit of Nerves!

[Daniel Jones]

Being new to REI my nerves are starting to hit me a bit on my first fix and flip. Upon reading a book every two weeks for the last 1/2 year and listening to the BP Podcast like it's an obsession. This education has increased my confidence and brought me to this point.

I noticed what seemed like a deal within a couple blocks of my house in an area where I know the market very well. So I jumped on the opportunity and set up appointments with a potential partner to view the house. My partner has the GC skill sets to do the job and connections to make it happen quickly. We feel like we got the house for a good price and will be able to pay back our investors. All things seem to align appropriately with what my education through BP and books has taught me. Yet, I am still freaking out!

I guess what I am looking for is another set of eyes. Or someone to say "looks good!" "Good job!" or something. Anyway, maybe this can just be a status update on a new Investor jumping into the deep end of the pool. Wish me luck!

Specific question on the Reno:

1. House is a 3 bed 1 bath and we are planning to make it a 3 bed 2.5 bath with an on suite Master. Adding bathrooms is expensive with moving plumbing etc. Is the extra expense of on suite and a 1/2 bath worth it? Do you get good returns?

2. Not really a question, more of a gripe. I wish the calculator didn't ask for Expected Profit. I feel the other numbers are the more "known" or predictable numbers such as Purchase Cost, ARV, etc. As a newb when I get the opportunity to fiddle with the numbers and change the desired profit I do that and then make sense of the rest.

Thanks for any recommendations, suggestions, or words of encouragement.