House Flip Calculato

1 Reply

Hi everyone,

I live in NJ where it seems to me things are a bit expensive especially in terms of materials and labor. But then again this is assuming.

I'm struggling with analysis mainly in trusting my numbers and actually finding numbers that work for me

-I've built in an safety net into my budget but don't know that it's enough

-I've assume some steep borrowing costs for myself being a newbie and not having a high income

-I'm struggling with picking the right number for a remodel. (I typically chose about $24-$34 per sq ft)

-MOST IMPORTANTLY - trusting comps that I'm pulling. I typically go on RedFin or Zillow but being that I've never done this before, I 'want to compare apples to oranges. 

I've driven for dollars and have built a list of some potential addresses but now I need to figure out which one is a deal and which isn't. Should I be seeking to contact these people through the phone to see if they're interested in selling their home to an investor? Should I be sending letters? Should I contact a realtor? or Should I do the analysis first ?

Here is the worksheet that I use to do some of my analyses. Any experience flipper can share some knowledge and wisdom on the process. I can send the actual excel file through email if you want to see my calculations and assumptions.

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