First Flip Underway Finally

[Brent Fabian]

We closed on our first flip Friday February 28th.  Here are some specifics on it.  I will chime on here and give updates as things progress.

Where: Houston, TX

Where did we find the property: Wholesaler

Details: 4 Bed, 2 Bath, 2439SF, 2 Car garage.

Purchase price: $189,900

ARV: $320,000

Rehab: $65,000.

We did run into one problem as we were closing when I met the contractor out there we noticed the outlets weren't grounded.  So we are having to rewire the entire house.  I did have some money for contingency but not enough to cover the wiring.  Things are moving along pretty quickly.  Demo and the foundation work is done. Rough electrical, plumbing and framing are being done right now.

[Luke Marsh]

Congrats Brent! Great to hear things are progressing, and that the property in the same neighborhood sold for $2/sf more than expected. What has been the biggest challenge for you through out this project so far?