All Forum Posts by: Ava Petruso

Thank you to everyone for your input. It was beyond helpful! I think flipping is the way to go on this project since it’s my first deal which has always been the plan but very grateful for some guidance.

5 weeks of tear out, wall paper removal 🙃, new electrical, deck supports, HVAC install…we start putting it back together!

Hi Jaycee! We purchased the property with cash and have $120k in cash for rehab. 

Our loan/cash is from our father who is helping us get started. He's charging us .5% interest per month(I know!) and our goal is to list the house on March 6, 2025 which is a 4 month turn around. This is only good for 1 year and only applies to fix and flip. If I go BRRRR I'll refinance with a standard lender.

Assuming we sell for $625k which is the ARV and market analysis I pulled, purchased for $345,500 and have $120k in reserves for rehab cost. We budgeted $100k and that's our goal but have extra just in case something pops up so this $120k is a high number. After paying 2% commission to a buyers agent(no sellers commission paid because I'm an agent and will list it) $12,500 we are looking at walking away with roughly $147,000, $73k each.

New to investing but been in the real estate game for 8 years as a high volume realtor. I am currently 5 weeks into working my first fix and flip and I am obsessed. Ask me in 2 months if that’s still the case-ha but currently loving every bit of it! I am an ambitious DIYer and have upgraded every part of my personal home in some capacity. I am looking to connect with other investors, learn and ultimately become an experienced investor with a big portfolio. I am not afraid of hard work. I am not afraid to ask the “stupid” questions in order to learn. And I am excited to be here!

I am a new investor and currently 5 weeks into a rehab and my FIRST deal! I've been dreaming of this for 8 years! I have been a high volume realtor for 8 years, worked with a lot of investors and have been waiting to get into investing. The property I bought was a referral from a past client and a deal I could not pass up. Not to mention it's 3 miles from my house in the suburbs. My sister and I bought the property from the seller as a fix and flip which is still the current plan. But I am so intrigued with the BRRRR method just not sure this is the one for that. So I wanted to ask y'all's opinion. My long term investing goals are to build a portfolio and continue investing with my husband after this project. Here are a few facts on the buy.

1. Purchased the property cash for $345,500.

2. ARV is $625,000

3. Rehab our goal is $100,000 but budgeted $120,000 because it’s a full gut.

4. We are doing a lot of the work ourselves and have a very reliable contractor for the things we can’t do.

5. Rent in this specific area is anywhere from $3500-$4000/mn

If we fix and flip we would walk away with a good amount of equity that I would plan on reinvesting, my sister would keep her portion. If we did the BRRRR method, I would buy her out and own the property but after paying back our hard lender, I'm just not sure it would be a good investment for me. Because I want to continue investing, avoiding paying the personal gains is what my mind is occupied with.

Assuming everything is split 50/50 what are your thoughts on taking the cash and reinvesting or working the BRRRR method.

I know that was a lot. Thanks for your help! Let me know if you need info. First time posting in here! Very excited to sift through these forums!

Ava Petruso