New investor first flip questions
Hello BP friendsd my name is Joey. I live in Orlando,FL. I have been learning about RE investing through podcasts and youtube videos and BP for the past year and a half and I'm finally ready to get things rolling. I work in concrete construction full time and as a cook on the weekends. Im interested in flipping and buy and holds. My future goals are to have multifamily rentals and residential developments.
I have found my first potential flip, but I am looking for advice. The property is a 2/1 750 sqft block home. The wholesaler wants 42000 and says the repairs are 20000+/- and Arv is 105000 . The entire house needs to be redone. The floors, walls, entire kitchen, entire bathroom. My concern with the place is in the master br there is about a foot long mold spot on the ceiling and it feels like the floor in the second br is unlevel.
I have alot of ideas to improve the place and raise the Arv by adding rooms and bathrooms, but dont want to get in over my head on my first deal. What do you guys think? Is it worth getting under contract and doing inspections and contractor bids? And if so, what contingies should I include in the contract so if it isnt worth it I can backout if needed.
I appreciate any feedback. Thanks!