how can i make a realistic budget when flipping my first house?

Answer 1

Take your estimates add 20%

Take your closing costs and double then (buying and selling)

Then throw in at least $5000 for something you didn't think of that will need doing.

Unless you're getting some sweetheart of a deal, you may want to work with a partner your first time through.

Answer 2

Since you're identifying costs, think on these:

Cost to purchase
Cost to repair (if any)
Cost of inspections
Fees
The amount of profit you want to make.

So if it costs you $150,000 and you want to flip and make $50,000, you have to take into account what other properties in that area are appraising for.

But also you'll have to cover the mortgage and/or other fees while you're trying to market and re-sell it.

Answer 3

If you have to ask that question, you're NOT ready to even think about flipping. Track down an experienced flipper and offer your services as an unpaid intern.

Answer 4

I would consult your fairy godmother, realistic budgeting doesn't exist when flipping houses, especially your first.