First Flip deal help

[Jeremy Jones]

Hey guys,

I'm looking to do my first deal with a friend of mine. We are planning on going 50/50 on this deal to flip a single family property. Any help or tips on this first deal. We will have to get a loan to fund the project.

[Jarvis Smith]

I did two flips last year which was my first year full time. The best advice is to give yourself about 50% contingency on the first one. I know This sounds extreme but rehab costs add up very quickly. Also always have extra money in the bank for living costs and unexpected costs.