First flip, so excited.

[Chelsy C]

Hello Everyone first of all, thanks for all your help, it's a great community here.
I would like to take this post to keep track of the progress on my first ever flip just like some of the poster do.

Ok, here is my flip. Here are the numbers:
-Purchase price of $160k,
-ARV: $280 to $320ik according to my realtor who helping a lot of investors in the area for flipping properties.
-Repair cost would be around $35k. I got a quote from a painter for $4700, and Furnace for $3300, Refri $1100k, Stove $800, dish washer/microwave/disposal $550, refinish hardwood floor and starway $2500, Kitchen Cabinet $2400, counter top $400, lighting $500, security alarm $400, landscape $1800, bathroom wall and floor tiles,Kitchen vinyl floor plus laundry room tile total $1200, refinish bathtub $500, New windows $800, new doors 2 of them $250, toilet+vanity $700,Kitchen and bathroom faucet $260, all new locks $300, roofing(patch up garage) $250, all other materials such as concrete(patch up drive way) sheetrock and others $2000. total $24710.

Plus I am paying my contractor $200 per day to remodel the kitchen and bathroom with some plumbing and electrical works. I estimated it will need 35 days to finish which is with $7000, please permit fee $1000 total. it comes up roughly $35k.

right now, I am having some thoughts and concerns.

1) the area is with a few break in for the staged properties, I am taking a risk of lossing the appliances and I heard after the break in, the realtor has to put that to the disclosure which might decrease the property value.
2) I need to replace the dead tree of the public sidewalk, which I called many times to the city and no return calls, I plan to go to their office in the coming week.
3)the dirt level too high under the crawlspace, I might need to have someone to dig out the dirt. currently it only has 6 to 8" on some areas. I heard the city code require 12", does anyone know the requirement?
4)in my case, I need to remodel the whole kitchen and bathroom, some electrical and plumbing. how is the best to obtain the permit from the city?
5)when is the best time to get the property on the market, after 3 months of closing escrow?
6)Do I need to have all contractors to fill out the W9 even know they have a company and licensed?

I will keep update the process until the property being sold, Thanks everyone.

[J Scott]

The first question I would ask here is why you're paying your contractor on a daily basis? If he thinks 35 days is reasonable and wants $200/day, why not just get a contract for $7000 instead (or round up to $8000 to give a little more room to the contractor)?

The problem with paying hourly/daily/weekly is that, unless you're skilled at renovation and really know what to be watching for -- the contractor can take advantage of the situation and drag that time out MUCH longer than he estimates. I see most first-time rehabbers spending twice as long (or longer) on their rehabs than they -- or their contractors -- estimated.

This happened to me on my first rehab as well...