First Flip!!! I close this Monday

16 Replies

I close on my first flip this Monday. I have spent the last three months walking homes and submitting offers. I have learned some much and feel that I will be successful. I purchased a house flipping spread sheet and have run the numbers a thousand times. I know that I will run into issues and problems that will hurt my budget.... I am so excited and ready to get started. The house. Purchased 125k foreclosed. 3/2 1720 sq ft in Canton, ga. budget for repairs 25k (kitchen, baths, floors, paint both interior and exterior). List price 195k

Good luck!! Keep us updated on how the rehab goes, would love to keep up on your project.

Howdy @Daniel Andrews

Congrats.  As a reminder... don’t forget to account for your Holding and Closing costs in your complete analysis.  Good luck.

John, yes i accounted for 6 months of holding cost. Thanks

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All the best brotha! Keep us updated on how the project is progressing. Would love to learn how this whole thing goes down in real time.

Congratulations! As a new person to REI, and in the same area, I look forward to seeing your journey.

Well my closing just got changed because the agent had to change the closing attorney...
Update!!! I ordered the kitchen cabinets, counter tops and sink at home depot yesterday. They had a deal that was 30% off cabinets and 10% off counter tops with a free sink. Total was $4177, $ 850 below my budget. Closing was changed till next week. Home depot held my order until closing.

Nice. Any money you can save will directly go to your pocket at the end. Did you use the Pro desk at home depot or just your own credit cards? Did you have to pay for shipping?

When you had GC quotes. Were they all fairly in the same ballpark or was there a big difference? Any tips on how you went about picking your GC? Thanks and good luck. 

Ruel, I used a 24 month no interest c.c from home depot. I priced out three different kitchens and this was the best price. I will be doing most of the work including kitchen, floors, paint and baths. will keep you guys up to date.
I closed on Monday!!! Tuesday I removed carpet, tile and kitchen cabinets. Wednesday removed more tile, hardwoods and drywall with mold. Thursday more tile removal and plywood on the floors to make it all one leveled floor. Friday cleaned up and remove floor in master bath. I add so pics soon.

Nice bro. Whats your timeline on the project? Best of luck, can't wait to see your before and after pics.

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