Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

Account Closed
  • Lender
  • Denver, CO
3
Votes |
8
Posts

First investment property

Account Closed
  • Lender
  • Denver, CO
Posted
Hello! I have been on this site reading and following for a couple years now and finally have the courage and opportunity to go forward with my first investment purchase. The property is a single family home, 3 bed, 2 bath in the Denver metro area, it’s a wholesale purchase for about $180k. The Zestimate is $405k. It really needs a lot of work and hoarder has been living there. I’m planning on flipping it because im going in with my brother in-law who is a general contractor and can do all the labor and home improvements. I am the one putting down all the money - purchase price, closings, materials etc. my brother and I will split the profits 50/50 when we sell it. Since this is my first rodeo...I’m not super familiar with estimating everything in my head. I’m running the numbers on some spreadsheets I downloaded for free and guesstimating the costs. How nice do I need to make the property to flip...granite, stainless, hardwood etc? The market is slowing down in Denver for the season and want to make sure we can sell. Is there anything I am missing that I should be aware of? I’m buying as low as possible, rehabilitating as cheap but as nice as possible and selling in a good area. What am I missing? Is there something that might bite me? Is my partnership fair?Is my all cash deal smart? What could go wrong? 😀 Thank you all for your feedback!

Loading replies...