My first flip is not going well......thoughts?

[Mike Wallace]

Bought a 2bed/1bath for 18k cash. This is my first flip and am learning a lot as I go.

I thought rehab would cost me 10-15k. I am now hoping to stay just under 25-26k. 

Had to gut the entire thing for numerous issues, lets just say I am learning a lot and will know how to evaluate the next potential flip 100000% better.

The area is a C neighborhood. No violent crime, but a decent working class area. The problem is all the comps on the area for this type of house are in the 35-45k range. But every single one of them is very outdated. Mine will be all updated with nice finishes.

Think I will be ok? I want to be able to get $60k..

Worst case scenario I can rent for about $900-950.

I own 7 rentals in this very neighborhood so I do have some experience in that field.

[Christine P.]

It's matter of perspective. You could have easily spent that amount of money on listening to "gurus" for days on end - and not have much to show for it other than books and DVD's. It's all a learning process. 

Would love to see photos of your project. What was the one (or two) snafus that cause your estimates to be too low?