Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Member Introductions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

46
Posts
9
Votes
Holly Scott
  • Divide, CO
9
Votes |
46
Posts

Newbie in Colorado Springs/Teller County Colorado 1st flip advice

Holly Scott
  • Divide, CO
Posted

Hi everyone! This is my first post, and I joined about 2 weeks ago. I have always been fascinated with RE and have decided this is the time to start investing as the timing just seems right for us. 

I am currently looking at a single family for a flip that could be a fantastic deal according the numbers I'm getting from my analysis. It is in a highly desirable area with a great possible ROI. However, yesterday, I went with my realtor to see the property and when I opened the crawl space there was water inside and it was dripping from the flooring in the kitchen. There are mushrooms growing in spots also (see photos).

When looking through the windows I can see where the water is leaking from the refrigerator plumbing and looks like some of the hard wood is starting to buckle and the trim has absorbed some water. It has been leaking this way slowly for about a month now. 

At our dry 8500 feet, how likely is it that there is mold? How much should I budget for something like this? Currently I have 15k budgeted under blankets of foundation and mold. But my rehab estimates (rough, and need a contractor to go through the house with me) are already at 50,700 and I'm not sure I have the cash for much more than this. Is 15k reasonable? 

The rest of the house is mostly redo the kitchen, probably the bathrooms (may be able to save fixtures, but cabinets, flooring and shower tile need done), re-sand hardwood (hoping to salvage the wood by the leak?), interior paint, appliances, landscape, chimney sweep and roof, with some brick work. Is this worth it for my first flip? We will be doing some of this work on our own as well. Any advice on what to look for in a GC? I'm really worried about getting a bad contractor because I've heard so many horror stories. I really don't want my first flip to bankrupt us!

Loading replies...