Here we go, I'm IN! My first investment!

[Jim McCabe]

Hello to all of BP!  As the subject says, I am IN!  I have an agreement in hand for my first rehab/flip property.  We will close in a couple of weeks and I can't wait.  The property I am flipping is in Indianapolis (Beech Grove) to be more precise.  I think have a good deal on my hands and ready to make it happen.  

[Bart H.]

@Jim McCabe Best of luck to you.  We just finished our first one and currently have it on the market.

If you have construction experience, ignore my tips.  But if you dont, my advice, get the electrician and plumber in early.  They almost begin on day one.  (well at least a day after demo)  The more you have planned out for them the more they can do with the walls/ceilings and floors being open before your drywall/framing etc slow down your contractor.

Be prepared to double your budget.  Inspect daily.  I know it sounds stupid but measure things, ie how wide does the space for a toilet need to be?  How high will your cabinets be after you put on the counters?  Do you want a back splash?  if so how high?  Where will you put the lights?  light switches?  How high are those switches?  Do the cabinets clear them? pick your paints....ceiling?  walls?  trim?  what type of finish?  Flat?  Eggshell?  Semi gloss etc?

You might set up a pro rewards account with Home depot, and if you can buy most of your materials together, ie drywall, paint, flooring, appliances etc, they will shoot you a discount on the whole job, and you can get it drop shipped to the store or even delivered to your job site.  Its worth talking to the Pro Rewards desk to see what they can do for you.  Hint its not the list price.

Get your permits early, if you need to pull one it might take you a while to walk thru the process.

Good luck, hey if I can help from the perspective of a newbie who went thru the first one, maybe I can help you avoid a couple of our mistakes.