Updated 10 months ago on . Most recent reply
1st flip, brick house with fire damage
Hey everyone, for my first flip, is a fire damaged house worth it (purchase price 40k-50k 3br). Im dedicated to learn this bisiness and gain the experience the right way. However will I be biting off more than I chew with this one?
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#4 Medium-Term Rentals Contributor
- Lender
Hi James, this does sound like a lot for a first time flip. Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. There are a lot of things that can come up on a flip so easing your way into things and working your way up to larger rehab budgets, etc is recommend. It will be easier once you have a good team in place and know the ropes