Help! How to succeed. ?

[Ginger Mermer]

I just want to do this right, so would love any input you have. I will close on my first property on the 12th. I’m not going to make much from it because it just needs new floors, bigger, cleaner deck, and updated kitchen, but I’m ok with that because I wouldn’t have wanted a huge project to start. 

I’m looking for help being smart with the money I do have and will have, so that I can keep flipping (or some of form of RE investing). I have $60,000 in the bank. Some of it I will use for the down payment on this first house. Advice please on how much to put down. I am purchasing the house for $242,500. I was thinking I’d spend $30,000 on renovations but that’s a very high estimate. I’m hoping it can be more like $15,000. I was thinking of listing for $312. In determining profit I know I need to consider holding costs, closing costs, but what else? Anything else to consider or calculate before subtracting all those expenses from the sale price? Thanks. 

[Charles Carillo]

@Ginger Mermer

New floors, bigger deck and an updated kitchen for $15k; I think that is a little low. I would get some estimates. Also, there are going to be more repairs required than what you think.

Make sure to factor in all of your holding costs; lender fees, interest, insurance, taxes, utilities etc. How are you going to sell it? Through an agent? I would put aside 6% for that as well.