Connecting with house flippers

[Janessa Storlie]

Hey everyone, I was hoping to connect with some other house flippers. My husband and I have done one house flip in the past in Spokane, WA and then the market turned and it became very difficult to find deals. We are now living in Williston, ND and we are flipping a home here. I will be the one managing the flip this time and I am just sort of nervous. I have done a lot of research here on BP and I think I know how to find the contractors, handle financing, and oversee the project. I am just nervous that I am missing something and that I am not covering all of my bases. 

The Deal:

We purchased a home with cash on the auction for $125,000. The home is a 3/2 and about 1500 square feet. After renovations I believe we can sell the home for $250,000. The house will need any where from $75,000-$85,000. I need to get rid of mold in the basement, finish off the basement space, replace the roof, do some minor landscaping, open up the main floor, rearrange the bathrooms, and then of course update everything. I am also assuming that we will need new plumbing. It is a long list, but I am hoping to keep it on budget. I am also getting my real estate license so that will help save some money when it comes to closing. My goal is to have a profit of about $30,000 after closing costs. 

Any advice or kind words would be greatly appreciated. Like I said, I am nervous and I would like to connect with others who also chose the house flipping path. 

Thank you in advance! 

[Josh Bakhshi]

Understand that this is a business and not your personal home.  Don't cut corners, but only do things that will bring value (get higher sales price and interest in the property).  ALWAYS keep your bottom line in mind.

Good luck