First Flip — Offer Just Accepted

[Greg Todrank]

I just got my offer accepted on my first flip — Yellow letter; video walkthrough with my realtor; and offer. Bing. Bang. Boom.

Oh crap, now what. I’ve got a handyman, but no GC. Time to get my team in place. I have 6 rental properties within 5 miles of the flip, so I know the area pretty well even though it is 7 hours from my home.

I was planning a BRRR, but I think the numbers make more sense as a flip. Plus I'd like to see this back as a single family to match others in the neighborhood.

Purchase price: $20,000

Closing cost: $2,550

Repairs - leave as duplex: $116,000

Repairs - single family: $140,000

ARV if kept as duplex: $140,000

ARV single family: $220,000

Diving back into the books where I skipped all the parts about flipping. As I read thru the forums for inspiration, any suggestions from you experienced guys would be greatly appreciated.

Greg