First Flip Advice

[Kwame Smith]

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!

[Bill Jacobsen]

You may have the house ready to market in 30 days.  Then there is the time between when it goes on market and you have an accepted offer.  Next, the buyer needs to have his loan application approved.  That takes 45 days or longer.  I always budget 6 months on each project then I can be happy when I beat that time.

I also budget 7% to sell a house.  I assume that the buyer will ask for some-all of his closing costs.  I budget 3% for that.

When I run your scenario  through my calculation I don't see much or any profit.  I would not be buying.  Just my 2 cents worth.

Good Luck.  I wish you the best.

Bill