First Time Fix and Flip

Rehabbing & House Flipping
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First Time Fix and Flip

Wyatt Johnson
Member since 2023 · 5 posts · 4 votes

Hello all,

I came into a possible investment property I would like to flip. I have a connection to the seller which means I can get the location at a good deal. It is a 3 bed 1 bath located in Dallas, Wi. 2900 square feet, built in 1920, 1 car garage, and a beat down shed in back.

The house definitely needs some love to up the value of home, but I have the knowledge to do 90% of the work myself for this flip. Is there anyone that would be willing to look at this property and tell me if it is worth the price and also to give me a rough estimate on what to expect the costs to be?
Thank you!!

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Wyatt Johnson:

    Hello all,

    I came into a possible investment property I would like to flip. I have a connection to the seller which means I can get the location at a good deal. It is a 3 bed 1 bath located in Dallas, Wi. 2900 square feet, built in 1920, 1 car garage, and a beat down shed in back.

    The house definitely needs some love to up the value of home, but I have the knowledge to do 90% of the work myself for this flip. Is there anyone that would be willing to look at this property and tell me if it is worth the price and also to give me a rough estimate on what to expect the costs to be?
    Thank you!!


     Hey Wyatt, 

    Are you licensed as a GC? If you are you can use your previous experience as a GC. 

    Most lenders will require you to have completed prior flips if you want to do the renovations yourself. There are a handful of lenders that are okay without experience at a reduced LTV (65% max)

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Diego AlvaradoBusiness Member
    Real Estate Agent · Flower Mound, TX · Member since 2016 · 297 posts · 139 votes
    2y

    Hi Wyatt,

    Please research in your area for a good investor realtor, he will be able to help you to find the right price and then help you to sell it.

    You can find Agent Finder in BP to find someone in your area.

    [email protected]214-833-8911
    Alvarado Realty Group522 Reviews
    WebsiteView Page
    0Reply
  • Wyatt Johnson
    OP
    Member since 2023 · 5 posts · 4 votes
    2y

    I am planning on owner financing

    0Reply
  • Andy SabischPro Member
    Investor · Jackson, MS · Member since 2021 · 657 posts · 559 votes
    2y

    Getting a local realtor to give you and ARV would the best bet but you can use sites such as Redfin (be careful of Zillow's Zestimate) to get you in the ballpark. The thing that you need to keep in mind is that apples are not always apples when you are comparing properties . . what is the finish level inside each factors into sales price. Do not over improve but don't go too cheap when the area calls for higher finishes. If possible, tour a few other homes in the area and see what they look like - are they updated? What is the ft2 price? How long did they take to sell? Pretty hard for us to give you an ARV from 1000 miles away - your specific local area will be what drives the ARV. Saw one property listed in Dallas that looks like a match to your property (3/1, 2900 ft2) . . . is that the one you are looking at? If so, it has been on the market since December and at the listing price, should have sold by now. The Zestimate (remember, told you to be careful with that) is under the list price so hopefully you are getting a much better deal before proceeding.

    0Reply
  • Wyatt Johnson
    OP
    Member since 2023 · 5 posts · 4 votes
    2y

    Hello, thank you for the response! That all makes sense and yes you found the correct listing. I am hoping to get the property for 100 or under. 

    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    I would get 3 quotes from contractors on google and go from there 

    0Reply
  • Shawn Parsh
    Real Estate Investor · TN · Member since 2010 · 294 posts · 160 votes
    2y

    Wyatt,

      I would echo many of the points made by the others. You need to build your team for your real estate investing business. You need a quality realtor that can advise you on current value and after repair value estimates. You need an insurance agent, a real estate attorney, an asset protection attorney, and varies contractors for starters. Lean on your team to make decisions, but know in the end it is you who has to make the decisions. 

    Make sure you learn your market well. Track what properties are selling, with what features, how fast, and for how much. Also track what properties are renting for and what areas are in demand. Make sure you calculate the estimated rehab cost, and hold time. Only make repairs that make financial sense. I usually add something to a property that the buyer would not expect at the price point. For example, I often put in quartz countertops in the kitchen when properties at a similar price point do not have them. I find by doing so my properties move quicker. 

    There is nothing wrong with doing most of the rehab yourself, I did a lot of them in the beginning, but know you will likely make more in the long run if you hire out the work. I learned a long time ago that I should spend my time finding and negotiating the deals not rehabbing the properties. In the end there are many ways to make money in real estate you just have to figure out what works for you as well as what you enjoy. Good luck. 

    0Reply
  • Ali Radoncic
    Lender · Dallas, TX · Member since 2017 · 100 posts · 57 votes
    2y

    Id be happy to run some values for you.  DM me and we can talk

    0Reply
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