Closed on my first flip and now my stomach is in knots! Help!
I found a property to flip in Columbus Ga and closed on it 01/06/21 and now my stomach is in knots. Is this normal on the first one and does it get easier to push through the more you do? It is not an extensive rehab. Numbers are as follows:
$80k purchase
4bed / 2bath 2250 sq feet
$20-25 Rehab (LVP, Kitchen Cabinets, Granite, SS appliances) Update one small full bath, update 1 tiny full bath, paint full interior, fix other odds and ends.
ARV $130-140 3bd/1.5bath for $116k and needs updates to kitchen and baths. 2100 sq feet, no car port, very small kitchen in comparison.
Am I freaking out for no reason or is this like an initiation into the flip club?? Also, I think an exit strategy B would be to BRRR the property and get some of the capital back out. I have a property 7 mins away that I bought in 2019 and has been rented since day 1. 10 minutes from Fort Benning.
Thoughts? Don't hold back either! I am a grown man and can take criticism. I want to learn from each experience and you can only learn if you are willing to let people tell you what you did wrong.
House next door sold for $116