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Updated over 10 years ago,

User Stats

5
Posts
0
Votes
Kwame Smith
  • Business Consultant
  • Cincinnati
0
Votes |
5
Posts

First Flip Advice

Kwame Smith
  • Business Consultant
  • Cincinnati
Posted

Hello! I'm not new to the forum but I'm new to flipping houses. 

Good news though, I have decided to flip my first house shortly and I wouldn't mind if you guys ran my numbers/ gave me some advise just to make sure I'm not doing this wrong. 


So here are the details I have so far. I am trying to flip a HomePath house where the renovation cost is included in the initial loan.

House info: 2 bed, 1 Bath, 800 sqft - Light renovation needed (floors, paint, clean up, maybe move a wall, some appliances)
House Cost - $43K
Renovation Cost ~ $15K (Max I can borrow for renovation)
Down Payment ~ $11K
Total loan ~ $47K


Looking to sell within 30 days of holding the property for around $75K (that is what the comps are going for)
Looking at a $12K to $18K profit {75K - (47K+11K) = 17K}

I don't have the exact loan details yet nor the exact renovation cost. I'm estimating $15K

Any advise or warning would be greatly appreciated. I'll try to keep this post updated with what is going on with our first flip.

Thanks!

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