Potentially Our First Deal????

[Kevin Christensen]

BP,

Here are the facts:

3BR 1BATH - 1500 SQFT
Bank foreclosure

Asking Price 39,900

ARV - 140,000-160,000 based on the comps

I am fairly certain I can get this property for around $20,000.  There is significant mold in one corner of the house, looks to be from a roof leak.  I am very close to the owner of a professional mold remediation company.  So the mold doesn't scare me off as it has many other investors according to the listing agent.

My question is this. Assuming I get the property for 25k (including closing costs), let's say I put 50k into renovations and it appraises for $140k at the end. Would you recommend using BRRRR on this as I could easily get all of my money plus some, even at 75%, or should I flip it and take the cash influx?

Also, because this is potentially our first deal (SUPER EXCITED!!), is there anything else I should be looking for with a property built in 1920 that clearly has water damage?

Thanks!

Kevin Christensen