My first Flip - Urban area - Good deal?

[Cameron Riley]

- This is my first time posting in this section of BP! How’s it going guys/girls? Here’s my situation!!!!

- My partner is deciding to give me a “ project “ to handle. It will be my first flip. We assessed the COMPS, the low end, was 37k sale price and the high end was 60k sale price. ( I Think we could sell it, when said and done for around 45-48k)

- This property is in a CLASS C neighborhood, it is urban. Most Surrounding places are rentals as well, some homeowners. (The Next Block over was totally Gentrified)

- More details of the house: Listed at 18k, during the walk through, I noticed it needs, ALL new flooring. All new paint, all new light structures, a new kitchen and updates to bathroom and some exterior updates. It’s in other words “ a little more than a cosmetic rehab project “ .

Cost of my rehab: Anywhere from 11-15k (Rough Estimate lol) I had some things in storage already, like carpet and light fixtures and paint!!!!!! Excited about that!

- I am putting a final offer in today, for 5k! I think it will get accepted, if it does, I will be extremely happy because I feel confident in my abilities and intelligence. Like I said before, this is my first FLIP.

- Have you ever flipped in the city? Tips? Advice?

- What was Your BIGGEST mistake on your first flip?

- Sorry for typing so much, thanks for the responses guys! I need the confidence and help!

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