Possible first flip ... needing reno cost suggestions
Hello!
Question for all you out there that have ventured in the world of flips.
We came across a house priced at $209k, two story, 4 bd, 3.5 bath, built 1996, approx. 2,550 sq ft. Comps in the area are around high $350k, low $299k. The house is completely gutted, so no drywall, no insulation, no flooring, notta. Based on the listing price and comps, it sounds like a good deal. However, since the place totally gutted, I'm very curious what an estimated reno budget looks like (since we would start from ground zero). For those that have done flips before (this would be our first), I'd love your suggestions on what you would think total costs for reno would be? Off the top I'm projecting high, but would love any advise from those who have some experience.
Thanks for your help!
Casey
Most Popular Reply
@Casey Fares This looks like a really difficult one. Even at $60/sq ft reno cost you are looking at $153K cost which will put you over the comps. I think it would be very difficult to find someone to do this for $60. I was a contractor in California until recently and pretty much the only way to do $60 is with our friends from South of the border. That is risky. The upside is that with everything torn up you can see what you have.