Newbie Flipper Adopt me Experts

[Thomas Jones]

So I am looking to purchase my second property... I just found a deal it is a 2 family selling for only $25,000.

Unit 1 is listed with 2 bedrooms but has a 3rd w/ no closet. It has newer windows but that is probably the only new thing in the house. It will need new floors, kitchen, bathroom, and heating.

Unit 2 is listed as a 4 bedroom but has a 5th also w/ no closet. This unit needs a lot more work. The roof is caved in in one room. New floors updated kitchen and bathroom, doors, paint, etc.

I will be putting together a budget today and posting it hoping you experts will let me know how real this will be.

Also I am unsure if this is going to be a buy n sell or a buy hold n rent. Ive done my numbers and either way it looks like an amazing deal.

Thanks in Advance.

[Jon Holdman]

Assuming the rents are adequate, and you can control the rehab budget, this does sound like a good deal.

A room must have a closet to be a bedroom. If you can find a way to add a closet without making the room too small, maybe you can increase the number of beds. You could also call these rooms offices. Code says a bedroom must be at least 7'x10', but most people would consider that too small.

Post your repair list and budget and we'll offer our collective thoughts.