Just Bought Our First Flip

[Christopher Broussard]

Not really new, I've been lurking on the forums, asking a question here and there, and listening to the podcast for a few years now. In January, my wife and I finally decided to make it happen this year. 

Last Friday we closed on our first property, a 3 bedroom, 1 bath, two story brick home in St Louis, with a detached two car garage. Purchase price was $55,500, and we've budgeted $40,000 for rehab, which will include a new kitchen and bath, an additional 1/2 bath on the first floor, and opening the space up a little. Comps in the area are around $140,000, so our anticipated gross profit is around $45,000. 

I'm nervous, but excited. For years, when I overanalyzed every deal and couldn't pull the trigger, it was because I thought we couldn't do it (the actual rehab). Now, I've already noticed a shift in my perspective and attitude. I am fully confident in our abilities to do it. I'm still a little concerned about the budget, but overall, I feel good. 

Wish us luck.