I'm 19 years old and reside in yonkers, NY. Hopefully going to be closing on a single family here in yonkers in the desirable neighborhood of park hill. Its a corner lot 6 bed 4.5 bath with a full walk out basement. Needs a new roof, alot of cosmetic repairs, some landscaping. Plumbing and electric are intact but baths need to be redone. Looking to close on it for about $280K and estimating repairs to be $50K. This will be my first flip so im super nervous and anxious. Cant wait till i get the keys and start the work. You can say i found this property by accident, my dad was searching for single family homes for us to move in too and stumbled upon this. The bank didn't want to do a 203K loan and wanted cash only offer. My dad knowing the love i have for real estate pitched the idea of coming up with the cash and rehabbing the property. Thanks to him we are in the process of getting a contract with the bank. ANY advice would be great in all sections: repairs, design, budget, contractors, things to avoid, getting ready for open house and list on market etc. I would highly appreciate it. Also im a small business owner but want to get into real estate full time and looking to network alot.
Congrats on pulling the trigger on your first one at 19. I wish I had started at the same age. Your questions would require an entire book but you're in luck because a lot have been written already! Check out J Scott's Book on Flipping Houses. You can find it on this site in the BP Store. That will answer all of your questions.
One number that is the most important one on a flip is what is the price you will be able to sell the property? Based on your numbers I would estimate that you would want to be able to sell at about $468,000.
Agree with the previous poster, check out J Scott's book and use the collective knowledge of this site. Congrats and good luck!
This sounds a bit scary without knowing the ARV and a house that big needing all those bathrooms, cosmetic repairs, a roof, and more sounds to be well over 50k in work.
@Bill Jacobsen Hey Bill, We are still in the process of the negotiating the price. But i been researching the neighborhood and similar homes are going for well above $530K, even though my budget seems as if i wont be able to do much the house isnt in extreme bad shape. Just want to update a lot throughout the house to make it more attractive to buyers in todays market. Thanks Bill
Hey @Greg Behan I went through the house and took my contractor on quick 15 min tour so its just rough estimates. My main priorities once i close on the house are the roof, patching up some rooms ceilings, only two bathrooms need to be totally redone. Other then that landscape, paint, and minor cosmetic repairs i will be doing myself helping reduce the cost of repairs. I have a feeling aswell i will be spending more then 50K but im also going to try 110% to keep repairs under budget. Other then that i want to update the house to make it more attractive to buyers, kitchen, living, and dining are all in great shape. However there is the unfinished basement which i know will cost well over $20K so still debating if we are going to finish it all or just tile it, put some walls up and clean it up. Letting the buyer to decide what he wants to do with it afterwards
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