Updated over 7 years ago on . Most recent reply
Before Buying My First Property, What Accounts Should I Have?
Hey BP community, there's a chance I'll be putting in my very first offer on a fix and flip property next week. I can fund the entire project out of my savings. My question, is there any reason I should open a separate account and transfer the money I plan to spend into it? Is there any sort of expenses I need to keep track of during the fixing of the property? Should I fund it out of my savings? Rough numbers are 50k for house, 10k in sweat equity and rehab, sell for 75k. If there is anyone feeling generous, I would love for someone to help me analyze this deal. I have a feeling I'm going to learn quite a bit on this project, from an estimating standpoint!