My First flip- Finally under contract

[Account Closed]

Hello everyone, 

I'm finally under contract, the property is in Glenwood,IL. I've been waiting for this moment for +1 years. I'm very excited and scared, I haven't even closed yet and I have a hard time sleeping some nights. 

Here's some specifics of the deal: 

Property Price: 56,100   3BD/2BA   SQ FT: 1,485 Style: Split level with sub basement

Closing date: 10/19/15

Rehab: 60-65K

Expected ARV: 160,000

I walked through the property with 3 different contractors. Everyone agreed the project costs would be somewhere between 60-65K. My current profit projection is between 12,000-24,000. 

Any tips you guys can give me during the process? This is my first flip , any advice would be greatly appreciated. 

[J Scott]

Originally posted by @Account Closed:

Thanks @Troy Sheets I appreciate the words of encouragement, that's the goal. 

@Michael Campbell Thank you, I really waited a long time (over a year) to finally take action. I had very basic or little knowledge about rehab costs but J scott books really helped me learning the cost/process. I walked the property with 3 different contractors during the inspection period which really helped me to make my decision and go for it. 

 Thank you for the kind words and congrats on getting the first one done!