Just placed my first offer for a fix and flip! Excited and scared out of my mind at the same time.... ahhhhh. Now its a waiting game. I'm assuming that I should use the time between ratification (fingers crossed) and settlement to line up contractors (have 1 that walked the property with me, but would like to get a couple more). Any other tips/advice that anyone has that should be done during the time of ratification and closing?
SFH - offered 75k (listed 70k they already had a full price offer)
Reno budget - 40-50k (thats on the high end)
Comps - 185-210k
HML terms - 25% Down, 4 points, 12% - not too happy with the points, but its my first one, can't be took picky.
Down Payment/closing cost/points, etc - 40k
Potential profit - 55k