First Flip Property!!

[Ryan Reddy]

I finally have my first flip property under contract closing later this week!! It's been four months since I officially started looking and after many tours and offers the hard work begins!! I have hired a GC to help manage the construction of the project. 

Can anyone provide any tips on the best places to spend dollars to maximize ROI ?(besides kitchen / bathrooms)

Can anyone also provide any tips on certain things I can help the GC with that will save me money? I have thought of starting by removing the old carpets, doors, cabinets, electrical fixtures. Note: I do not have any construction experience.

Any other advice is appreciated!

[Ben Rhodin]

@Ryan Reddy Sounds like it is going to be a pretty good deal, and seems you've run the numbers pretty well. Was this an on-market deal, or off the market? If it was on market, even bigger congrats, as that kind of profit is hard to come by with an MLS deal.

As far as helping out the GCs to save money there isn't too much and most will just find your kind of getting in the way if you want to get too involved. It's intruding on their work and can be a liability issue depending. I would say that if you have the time, resources, and capability to do the demo, then you can handle that yourself, rent a big dumpster (or have a truck and haul it all away) you'd be able to save some money there. But that is given that you have a couple of days between closing, and when the GC can begin work. If they are starting work right away I wouldn't bother. 

The best thing you can do, is just a good employer and keep them on track, keep checking up on the progress, be quick on any questions or concerns that come up. So that everything runs smoothly, and you don't have a lot of downtime if something happens, or changes in the plans (which it will). Really time is going to be your biggest money killer, so making sure the GC keeps his guys working, and actually sees the project through to completion, and doesn't lag on the last 20% is key. Making sure you are always 1-2 steps ahead of where the work is going to get you to the listing quicker and smoother than anything else.

But good luck! Would love to hear how it turns out, what is the expected renovation time?