My first investment, my first flip

[Martin Peter]

I have been a BP member for a few years now, mostly a lurker, listen to the podcasts and soak in what I can. I have suffered from a paralyzing fear of failure throughout my life. It can prevent me from even starting things that I really want to do. That being said it has taken me a little bit of time to make the plunge into real estate investing game. So here I am with my first deal closed. Here are the particulars:

4 BR, 2.5 Bath, 2 Car attached garage, 1888 square feet

Asking Price $110,000

Purchase Price $73,000

Estimated Rehab Costs $45,000 – Kitchen update, both the full baths, new flooring on the main level, windows and roof. This is not a home that needs high end finishes, more of a starter home neighborhood in a good suburban school district.

ARV $160,000

I want to have the house back up on the market in 60 days.

I get the keys today and am very excited to get the ball rolling. I will use this thread as sort of a running blog to keep me on top of things and keep you updated.