Looking for advice on our first house flip

[Kirsten Braddock]

My husband and I are looking to purchase our first flip property. Im looking to get advice on the numbers to get some insight from more experienced investors.

Here is the breakdown:

SFH: 3/1, 1177sf

Acquisition: $80k

Reno estimate (from contractor): $25-30k

Hard money terms: 12% / 3.5points (will loan $90k)

ARV: $135k

Realtor fee: 6% (to sell)

Homes sell in about 45 days

The owner doesn't want to sell for less than $80k, but I don't think that gives us much space if reno costs creep up. We would like the opportunity to work our way through our first flip, but I'm nervous since it is our first one. We are buying directly from the seller, so no RE commision on th buy.

Any advice for a newbie flipper?