Diary of a first time flipper

[Jeff Hunt]

It's like getting a drink of water through a fire hose! So little time so much to learn. Offer accepted and due to close within the next week. The numbers I am estimating are as follows:

ARV (last week had no idea what ARV was)---- $99,000.

Re-hab---estimate---- $19,000

Carry costs, closing, comm---- $15,000

Paid---- $43,100

Estimated Profit--- $21,900

I'll update through the process.

So much great information on this site! Thanks to all.

[Michael Woodward]

@Jeff Hunt , Sounds like you jumped in with both feet. Congrats on taking the plunge.

I agree with @JOAN DICKIE that you probably don't need granite in the kitchen at that price point. I've bought and sold houses above $300k that didn't have granite. It's definitely a plus if it works with the budget but you might want to consider diverting the money to replacing the cabinets instead of painting them and then install a nice granite look-alike laminate top (black granite w/gloss finish looks almost like the real thing). It's really hard to make painted cabinets look as good as new ones (in my opinion).....kitchens sell houses.....

Don't forget to put some cushion in your budget. Surprises always happen.

That's a very aggressive time frame for the amount of work you're doing. I hope you have lots of good helpers.

Let the education begin! Good luck!!