First Flip - getting things lined up

[Michael Thorne]

HI BP Community - 

I have contracted a house for my first flip in Arlington, TX. I got it from a larger wholesaler and the margins are thin, so to get the best return, it needs to be "nice" - have a little bit of that wow to it to maximize ARV to compare to comps, but with a real cap on expenses. Plus, I am using hard money so time is of the essence. I close 4/21.

What advice/guidance do you have out there for getting things in order so that when I close I can hit the ground running on 4/22?  E.G. lining up contractors & getting bids while i can’t go through the house?  Buying/ordering supplies? Is there an order that you like to do things? (Ceiling, walls & paint, floors).  What mistakes have you made that I can learn from?  Thanks!!

[Evan Polaski]

@Michael Thorne, I am curious why you don't have some access to a house that you have under contract?  I know you don't have open access, but you should be able to get in from time to time to get contractors in for bids. Architects in to measure and prepare drawings, so you can start permits the day you own it.

Ideally, you have bids and contractors lined up to get started the day you have keys.  Demo crew should be ready to go with dumpster delivered the morning of closing.

Michael provides a great outline of order of work.  

A couple items to note: double your timeline, depending on scope.  I.e. I had custom windows in my latest renovation.  Manufacturer quoted me 8 weeks, they took 16 to come.

If it is surface level, I would still add 50% to your contractors estimated timeline

And add a big buffer on costs 50% to 100%.  i.e. I just had to buy OSB and plywood for a small home project.  It was $35/board for the same wood that used to cost $10-15/board 18 months ago.