Good morning BP, I am currently flipping my first house I bought at the sheriff's sale in the Shreveport/Bossier City area in Louisiana. I am almost finished with it and have a contract on it for my full asking price. Im excited but I spent more money than I should have so I am only making about half of what I wanted to make. I don't know anything about this business but I am absorbing all the info I can and welcome any suggestions about how to do this. I found the podcast before I found the website and have learned a lot from listening to them. I am looking forward to getting to know people on here and learning new information.
Congrats Ken! I have found that it is quite common for rehabs to go over budget. My suggestion would be to include a 10%-20% buffer when you are working your numbers on a property. If the numbers still work after you included your buffer percentage you know the projects a go.
Always plan for worse case scenarios because if you go through with a deal at this level everything is upside from there.
Congratulations on the full asking price offer. My suggestion is in addition to the offer make sure that you get proof of funds or a letter of intent from the purchaser or their agent. Just to ensure that the buyer is qualified to purchase the property.
...My two cents
Thanks Michael, the agent said they were already qualified but that is good advice, thank you very much. Hope we can meet up one day.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you