Updated about 9 years ago on . Most recent reply
My first deal!
Hey everyone! So I just closed on my first deal last Friday! I'm excited and can't wait to get started with the renovation process. My primary strategy is to fix and flip it. Right now it's a 2/1.5 but could be a 3/2 as it stands but cramped. Once completed it will be 3/2 with added sf. It's in Grand Rapids, MI. For those familiar with the area it's right near Wealthy/Eastern which is a great walkable neighborhood.
Purchase price - $30,000
ARV - $135,000
Repair costs - $70,000-$80,000
Projected profit of around $20,000-$35,000
Not a home run but not bad for a first flip.
I'll post again once the project gets going and I'm sure I'll have questions along the way. Thanks to BiggerPockets for getting me started!
Most Popular Reply
Ok, you might want to get a time frame to keep your project moving! Also only pay as % of completion, otherwise you run the risk of them dragging it out while taking on other projects..