First Flip - How much is too much?

[April VanCleve]

Lets say my first potential flip is from 1900's, has 4 layers of roof shingles, outdated electrical, needs a new kitchen, plaster down/drywall up throughout the house, flooring, and a terrible, terrible foundation. If we buy right, how much is too much for a first timer when it comes to risk alone? 

[Arman Ahmed]

@April VanCleve

That sounds like a major project, especially for a first flip. Foundation issues alone can be a huge cost and risk factor, so I’d recommend getting a structural inspection before anything else. Also, make sure your budget includes a solid contingency fund—unexpected costs always come up. If the numbers still make sense after factoring in all repairs, it could be a great learning experience. Happy to connect if you have any questions!