1st flip

[Billy Gullett]

 I'm new to flipping houses but there's a house in my area on Auction.com for $15,000. It's in pretty bad shape but if it was completely rehabbed and put on the market I'm thinking it could easily sell for $180k. So my question is, "How much would a full rehab be on a 3000 sq ft home?" Worse case scenario? Thanks.

[Kyle H.]

@Billy Gullett

I think you have received good advice from @John Stovall regarding the final auction price, and from Bill Jacobson about having an experienced partner in this type of flip.  3000 square feet of "pretty bad shape" has the potential to lead to some pretty high costs.  If you don't have a good handle on estimating repairs I would strongly recommend finding someone to help you with the process if you end up moving forward with the project.  I work as a project manager for a construction company in addition to my real estate business and know first hand the pitfalls of large house rehabs.  Also make sure you have an idea of the finishes that comparable houses contain so you don't over rehab.  Not that I could be to much help, but if you want a internet only opinion PM me the link of the house and I will let you know what I think.  

Good Luck