First shell flip budget

[Steven King]

Hey guys new investor here, in Baltimore there’s townhome vacants ranging from shells that can be had for 2-10k, to gutted or leaky roof ones for up to 30k. I know that each house is different and I’m not asking for solid estimates. I was told that a gutted townhomes between 1,100-1,300sq would cost around 30k to be rent ready. Now that I’m aware of the Brrrrrrr technique I feel a little more comfortable jumping into the flip game since eventually I want to also hold a couple homes for rentals. My home have a 35k line of credit but no mortgage. I could cash out and get between 60-80k. 

[Ian Barnes]

Whomever told you that gutting a property and rebuilding it for 30K in Baltimore City literally has no clue what they are talking about, guts are running 50-55 dollars a sq ft, so 1000 sq ft will cost you 50k-55K to rebuild correctly.