Follow my CLT Flip!

[Justen Johnson]

Hi All. 

Being new to bigger pockets I thought it would be a good idea to start this thread and update it through the different phases of my fix and flip (Charlotte). With all the experience that BP has I think I could greatly benefit from the cumulative 2 cents of the platform. With that being said, I am interested in acquiring as much feedback and knowledge I can along the way. Hopefully this will also help with anyone newly getting into real estate investing as I am. Just got a property under contract here in Charlotte, NC (from my wholesaler). I put my earnest money down (5,000) and I am set to close on 10/9/19, so I am currently in the acquiring funding phase. The contract is non-assignable and my intention is to fix and flip. I have done a fair bit of research already and have conglomerated a spreadsheet with a list of around 15 lenders comparing interest rates, %ARV funded, points, minimum credit score etc. So far I have seen that the financing options are all very similar, especially for a new investor and just wondering if you all have run into this as well? What are my potential pitfalls along the way?

Need to know's: 

Purchase Price: 111,100

Rehab estimate: 15,000 (This is my estimate, I have a GC that's going to give a bid on Thursday)

ARV: 160,000 (Pulled from comps in the area through Real Estate agent, also Zestimate)

Intent to Close under LLC