Grand Rapids, MI · Member since 2015 · 113 posts · 29 votes
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!
Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes
10y
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..
Grand Rapids, MI · Member since 2015 · 113 posts · 29 votes
9y
We decided it was best to just get a full set of architectural drawings printed up so the city would stop asking for more stuff. We finally picked up them today and should be bringing them to the city tomorrow and hopefully that will be the last time and we can finally move on. Lesson learned. If you're going to be doing any serious structural changes, have an architect draw up some plans even if the city doesn't require them because they might change their mind.
Grand Rapids, MI · Member since 2015 · 113 posts · 29 votes
9y
Here are the plans we had drawn up which will finally be approved by the city after one minor change. So finally we'll be able to get started.
Also received some VERY good news today that a another flip located near mine and will be a great comp for mine just received a full price offer for $199,900 before hitting the market!! So stoked on that.