First Dallas Flip! Deal or No Deal?

[Nicole Johnson]

Hello Everyone! I am under contract on my first flip in Dallas. I would love some advice and input. It is a hard money foreclosure already gutted with Demo, Framing, Mechanical, Electrical and Plumbing done. The home also comes with brand new windows and sliding glass door.

Address: 305 High Brook Drive Richardson, TX 75080

MLS info : 3/2.5 2,330 square feet w/ pool

Currently: 4/2.5 2,500 square feet w/ pool

Rehab: LVP flooring, quartz counters, ect.

Purchase Price: $450k

100% HML @ 11% $25k closing out of pocket

Rehab Budget: $70k-$80k maybe

ARV: $730k+++ (
-2 most recent comps sold at 288/ sq ft (no pool)

-1 active comp $338

-1 pending comp @ $340 sq ft

Questions:

1) ARV Opinion? Good or Bad Deal? (2 most recent comps sold at 288/ sq ft)

2) Rehab Budget Opinion?

3) Investor Friendly Contractor Recommendations?

4) I see about 20k delinquent taxes. Is that the seller's responsibility?

5) Typically, will the seller (hard money lender that foreclosed) allow me to have GC's walk thru for quotes prior to our closing in 2 weeks?

Thank you so much for any input!

[Bob Stevens]

Quote from @Nicole Johnson:

@Bob Stevens @Victor S. it was definitely just a ballpark. I am getting 3-5 itemized quotes on Thursday. We have walkthru's scheduled. I set aside 6 months reserves for the payment. Im going to go double check the budget again to try to account for more. Thanks for your input!

 PLEASE connect with someone local and flip the contract. IF there is really going to be a nice spread they, will you a large fee. Learn from that person start to finish, then go on your own. You should not need a GC to tell you what it will cost, this is something you need to know, and you will eventually. I do not want to see you get hurt, you are counting on GC'S that you do not know, and it seems you are not aware of what it really should cost for reno., This is exactly how I started, well 500 deals later :)

All the best