It's OFFICIAL, closed on Flip #1 in Fargo, ND. Thanks BP!

3 Replies

Good Afternoon BP Community,

First and foremost, thank you so much for being such an invaluable resource! The people and content here are amazing.

I would like to share with everyone a milestone reached yesterday: Closing on 1st Fix and Flip/Hold

I am humbled and very grateful to all who have helped and showed supported along the way. 

Details on the Property:

1940's rambler, 1100 sq/ft, near NDSU in Fargo, ND. 

2 bed/ 1 bath - attached garage converted into living space years ago

Home has been vacant 8-9 years. 

Current condition: 

The Good - Shingles and kitchen are about 9 years old and in great shape

Needs: 

  • Foundation needs bracing, mortor work, drain tile, (basement is not tall enough to be considered living space, any ideas? Code exception from city?) 
  • 2 new bathrooms
  • flooring throughout
  • painting throughout
  • New plumbing, likely
  • light fixtures
  • windows
  • landscaping
  • garage doors
  • interior doors/trim
  • Exterior painting
  • Garage shingles (barely any pitch but still has shingles)
  • Garage slab 1" crash down the middle.
  • Misc framing, drywall repairs, backspalsh, etc.

I will update the list as I am sure I am missing a few items and provide more pictures after the renovations are completed.

My initial estimate was about 70k in repairs. 

ARV for a 3 bed 2 bath, 1100 sq/ft totally updated is ~160k. Unfinished but clean basement. Could rent for ~1200, tenants pay all utilities.

If I can get a code exception and finish the basement, put in another bedroom and livingroom the ARV could go up to 185k for 4/2 ~1850 sq/ft. Rent of ~1600/ month.

I am aiming for a 2 month timeline, for my first flip and working a FT job that might be a bit ambitious, but that's what goals are for. 

I left out some info on purpose and will update as the flip progresses. 
Any tips would be much appreciated, especially with the basement and finding more value there. 

Thanks for reading!

Erik

Sounds like you're off and running. 2 months would be impressive to complete that work on your first. I did a similar amount of rehab ($70k) on a flip with me doing a lot and it was a solid 3 month job working there full time. Good luck and keep us updated.