Trials and tribulations of my first flip!

[Tim G.]

Welcome to my thread! I'm going to use this thread as my blog on my 1st rehab property. I ultimately want to get into rental properties and plan to use the profits (hopefully) from this flip to purchase the first rental property.

I close on the house on 2/28/14. My goal is to do the rehab in ~90 days and hopefully sold within another 90 days. To say my stress/nervousness level is rising as we get closer to the closing date is an understatement!

The house is a 3bd,1br ranch with unfinished basement, 1 car garage and 1 carport built in 1970. Based on the comps in the area, the ARV is ~$125,000. I am purchasing the property for $62,750 and have a rehab budget of $20,000. So I complied the 70% rule without even knowing about it! Haha

It seems like a relatively easy flip but there's still quite a bit of work needed....

- new roof, gutters & soffit

- minor mold remediation in basement

- kitchen is a gut

- bathroom is a gut

- bedrooms and living room need paint and floors refinished

There is more but those are the major items. Here's some pictures of the house from the MLS ad.

http://img.photobucket.com/albums/v295/SloRice/7e312f3949868ef43da66f9756bee7cf_zps8bef958e.jpg

http://img.photobucket.com/albums/v295/SloRice/9e20cfc7045fe66c8892fecd5cf7eab3_zps6fd1703f.jpg

http://img.photobucket.com/albums/v295/SloRice/40a6564a897878af879218c5b9182883_zps57272756.jpg

http://img.photobucket.com/albums/v295/SloRice/c20e68e18cfb7e7680f068570d8f9a2e_zpsfac61742.jpg

http://img.photobucket.com/albums/v295/SloRice/89fb473ab32604ebc7f34eeda9dfe0ab_zps0b485c24.jpg