First offer submitted!

First offer submitted!

Flipper/Rehabber · Chesapeake, VA · Member since 2017 · 33 posts · 6 votes

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?

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  • Flipper/Rehabber · Chesapeake, VA · Member since 2017 · 33 posts · 6 votes
    8y

    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

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