Looking to FLIP with my exit strategy of living in the house myself
I found what might be my first "deal". My wife and I both like the location and the style of the house.
It needs a lot of cosmetic work but has good bones. It does not meet any fundamental rule I have read on BP or elsewhere (70%, etc) It is nothing more than a guess at this point.
I have not completed a thorough analysis yet but am thinking I might be able to get the property for $170K-$180k, put $50k-$60k in rehab (3,500+ sq ft) and ARV would be around $280K. Again, nothing scientific in my #s. A SWAG if you will.
If I could not sell it, I would convert to conventional and live in the essentially new house ourselves.
Okay fellow BP guys and gals. What are my constraints to a deal like this, assuming I can get close to the numbers I am estimating? What am I missing? If anyone has done this, what did you learn?
Many, many thanks.
Scott