Have a clear budget and stick to it.

I think that rehabbing a property is no small feat, especially if you're trying to maximize your budget.

Generally as a new fix and flip investor you would want to target cosmetic projects that do not require an extensive rehab budget.

While time consuming, I did learn a lot and was within $2,000 of my initial budget.

Budgeting?

With $50K and a DSCR loan, your budget will likely cap at properties in the $150K-$170K range, depending on the closing costs and any repairs needed.

To start your journey, I recommend focusing on building your network by joining meetups and engaging in online forums, while narrowing down your first investment based on your budget, market, and goals.

With that information, you can start to get good at estimating the rehab budget.  

It would be a tight budget but I do have money set aside for repairs.

I remember working with a friend who inherited his aunt’s home.. he got so caught up in the emotional side of it that he forgot the nuts and bolts..like having a good plan for the renovation budget and timeline.