The last home I did, I just winged it and went very far over budget and had a contractor steal from me so I vowed this time: I will stay in budget no matter what. I’m using the free Google Sheets which is a mini version of Excel and I crafted out a budget that included EVERYTHING right down to insurance, taxes, etc and I’m in budget with $ 1,500 left and still have to have Al, my electrician hang a few lights and turn on utilities so my plan is to stay in budget and for maximum profit.
It’s hard to stay in budget because little things keep popping up and those little things are 100 and 150 and they add up. I’m about to have a second coffee, pull my my Excel and add the rest of my Lowe’s, Home Depot, Walmart, Ebay and Aliexpress orders in to tabulate but I’m pretty sure I’m in budget with enough left for electrician, plumbing supplies and turning all utilities on! Now you see why I named my page, “did it right” because this time….I did it right! Next time I’ll get even better! I spent so much of my time dwelling on things I couldn’t change and had a talent that I didn’t even see! The easy part is the renovation the hard part was finding the right property. I think I can do three a year comfortably and still have little to no time in it as my effort is kind of all brain work, research and decision making and that’s it just to make sure I don’t lose! I don’t think I’ll ever flip a $ 100,000 purchase because it’s too risky. I’d much rather flip the smaller homes because this day and age and couples just coming out of college with debt; a home completely renovated and selling for under $ 100,000 is enticing to their already high college debt so my market is big I think.