New to BP and looking at our first property to flip.

[Ryan Mosch]

Hey guys! My first post here. My wife and I are going to look at a property on Wednesday. This would be our first “purchase to flip” property. It’s great deal at $37 a square foot and in a great neighborhood. It is labeled as a fixer upper but we won’t know the true extent till Wednesday. Based on pictures we already love the property and location and the ideas we have for it. Our problem: We have the ability to finance the purchase. What we struggle with is finding the funding for the remodel itself. Does anyone have any suggestions for us as to how to get the funding through the bank?

[John Woodrich]

Without any experience a hard money lender is probably your way to finance this.  With the amount of cash you are bringing to the table this shouldn't be an issue getting a loan.

Looking at the numbers you presented it sounds like you are planning on around a $50k renovation.  I do not know the condition of the house but if you have to fully renovate a 2,500 sqft house with all new flooring, exterior package, etc I don't see this being enough unless you plan for sweat equity.  

Flooring estimte looks low.

New windows?

Window wrap, aluminum facia and soffets?

Trim and doors?

Plumb/Ele repairs?

I would spend a lot of time looking over costs as the first flip usually will go over budget.