Looking to complete my first fix and flip in Baltimore 21239

[Lauren Carey]

This will be my first flip and I’m wondering if 12k is enough to get started. I’d anticipate purchasing the fixer up for between 70-85k putting a financed 40-45k worth of renovations into it (ideally only cosmetic; flooring, knocking out walls for open concept kitchen, new windows, doors, bathroom update and possible addition of a bathroom, recessed lighting, minimal landscaping and hvac if necessary) in an effort to sell no less than 150k. Does this sound feasible Looking within the 21239/21206 area ? I’ve noticed that similarly renovated homes ie comps in the area have been selling very quickly between the range of 160-180k. Also, Have any of you local experienced flippers had any issues with selling homes in the winter in the Baltimore area? I anticipate higher holding costs but, would like to hear what your experiences have been. Any and all feedback is welcome.

[Ozzy Sirimsi]

Can you do it with 12K?? depends on your lender, but 12K plus cc, might be a good start.

I think your reno numbers are fine except couple of things, most likely you will need to update the electric and plumbing in  70K houses.

You can still finish it with your 45K bench mark as long as you find the right crew, and contractors. Since it is your first flip, you can easily end up being 60K, and be ready for holding it more than more than 6 months in total, especially winter is coming :D)) 

My suggestion is to have a detailed plan, contractors will ask you questions on what to do and that will confuse you and you will end up doing more, so  know your numbers, stick to the budget, and definitely visit competition and look at what is sold act accordingly. What you think is the best might not be the best for the appraiser and the customers.

Good Luck!!!