First Flip Advice
Hello! I'm not new to the forum but I'm new to flipping houses.
Good news though, I have decided to flip my first house shortly and I wouldn't mind if you guys ran my numbers/ gave me some advise just to make sure I'm not doing this wrong.
So here are the details I have so far. I am trying to flip a HomePath house where the renovation cost is included in the initial loan.
House info: 2 bed, 1 Bath, 800 sqft - Light renovation needed (floors, paint, clean up, maybe move a wall, some appliances)
House Cost - $43K
Renovation Cost ~ $15K (Max I can borrow for renovation)
Down Payment ~ $11K
Total loan ~ $47K
Looking to sell within 30 days of holding the property for around $75K (that is what the comps are going for)
Looking at a $12K to $18K profit {75K - (47K+11K) = 17K}
I don't have the exact loan details yet nor the exact renovation cost. I'm estimating $15K
Any advise or warning would be greatly appreciated. I'll try to keep this post updated with what is going on with our first flip.
Thanks!