All Forum Posts by: Gerald Gatyas

I've started looking around for a property that I can buy as my first flip. I've been reading J Scotts book on estimating rehab costs and have started building some of my own spreadsheets from his templates for estimating costs of materials and labor. I spent several hours going through Lowe's writing down the ranges for all the materials so that I can build that into my spreadsheet calculations. 

I have an LLC set up and I'm already pre-approved for financing through a hard money lender so I've got those boxes checked already as well.

I've heard a lot of people say add extra time and money to your budget on your first deal so I'm trying to use the Fix and Flip calculator on BP and plan for 270 days to buy, fix, and resell. I'm also planning to include a 10% buffer over my planned expenses...and my hard money lender requires another 10% above what I project as a cushion as well. Then I'm looking to make a $15k in profit, since I figure this is another buffer that I'd have to work with. 

I know I'm not providing specifics on a property, but I guess my question is does this seem conservative enough guideline for analyzing a first fix and flip deal? 

If I make $15k (or more by finishing earlier or coming in under budget) than great, but for my first deal I'll be pretty happy as long as I don't lose money and I learn a lot in the process. 

Thanks for your thoughts and assistance everyone!

@Kenneth B. there was even more than that! That was about half way through it lol. To be honest there was some stuff worthy of reselling but time was not on our side. I did forget to mention earlier I live 45 mins away from this property adding to the difficulty of it all. Well one done time to get #2 before the new year! 

I'll post numbers as soon as I can. They should be pretty good :)

Im in NJ and lend on rehabs - but youll need skin in the deal

 I've been approved by them but haven't moved quickly enough on any deals yet to use the funding they provide (I know, it's a terrible problem to have). 

I think most negative reviews are about the selectivness of their funding..  deal has to be in a neighborhood with low crime, has to reach a certain profit margin, limited construction/rehab requirements, etc. But just like a regular bank, everyone won't fund every type of deal...

I know of some people who have been getting 12/2 and 12/3 with 15% down in NJ so shop around. 

yes contact @sean ritchway he is on bigger pockets he had a offer out to me for

90%pp

100%rehab

12%i/o

4pts

For 12 months with me paying closing cost and points upfront .

Tell him chris mcnair reccomended you talk with him .. he was actually one of the first to reach out to me to make my deal happen but someone else already had it under contract before i could land a lender

 Dohardmoney.Com offers 100% and usually with no payback requirements for 5 months.