First Flip to Sell- Closed and Ready for Reno!

[Stephen Hundley]

Just closed on my first flip with the intent to sell! All of our other renovations have been the BRRR strategy. This lead came to us from a friend that saw my "We buy houses" ad on fb and referred us to the seller. This home recently flooded and had about 7 inches of water inside. The numbers break down like this.

Home is a 3 bed 2 bath, 1,750 sqft 

Purchase price: $65,000

Estimated reno costs: $40,000

ARV: $170,000. After commission and buyer's closing costs we are hoping for a net of $160,000.

I partnered up with a contractor on this deal 70/30. I found the deal, funded the deal and the contractor will handle the entire renovation. Let me know your thoughts! Thanks!