Oklahoma City House flip - first timers
Hi there,
My brother and I just got our first deal. We went through hubzu - surprsingly straightforward so far. No specific questions just yet, just wanted to get into the conversation. Would love to hear from you all if it sounds like we're on the right track.
We saw a little 2 bed brick bungalow on Hubzu listed with a minimum bid of 32k. We waited til the last day on the auction - there was one bid at 32k so we bid 33. We decided our max bid would be 43. After a few rounds with two other bidders, we won the auction at 38k. That night we got an email calling for highest and best offers, with a minimum of 44k. Still thinking this was a long shot deal, we put in a 44k bid. We must have been the only offer because we won! Sent in a picture of the earnest money check and should have a contract back from them on Tuesday. Closing is set for January 28th.
The numbers: Bought for 44k, with a buyers premium that brings the total cost up to about 46k. My brother's girlfriend is a realtor so we'll get her 3% back.
The roof of the house looks good but there's a hole in the garage because of a design flaw so we'll have to look at that. Otherwise, it's mostly cosmetic - paint and trim and some new fixtures. We think we can be all in for 60k and the comps in the neighborhood support resell between 90k and 100k.
What do you think - are we on the right track? Are there some common things we might have overlooked?