How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans

Real Estate Rookie

Want to know how to flip a house in 2024? We brought on a rookie with a real-life deal to walk through every beginner step of flipping houses so you can go out and make money, too! We know Rene Hosman as our community manager here at BiggerPockets, but she’s also a brand new house flipper! She just got her first house flip under contract, so we’ll be bringing her on the show to share her progress and teach YOU how to do it today.

In part one, Rene describes how she found this deal in the pricey and competitive Denver, Colorado, area. Next, when she wanted to make an offer on the property, she realized it HAD to be made in cash, but she didn’t have the funds. What did she do? She found a lender who lent her the money in just around twenty-four hours! Don’t think it’s possible? Rene shares exactly how she found this lender, how much they charge, and why she went with them.

Next, how do you estimate rehab costs for a home renovation? Rene brings her ACTUAL house flipping budget to show off in today’s episode, plus where she’s finding materials and how much of a financial “buffer” she’s giving herself (in case something goes wrong).

In This Episode We Cover:

How to flip your first house in 2024 by following Rene’s basic steps

Flipping a condo and how already owning in the building can be a HUGE advantage

Private money lenders and how to fund your first flip in just twenty-four hours!

How to estimate rehab costs and why you MUST give yourself a “buffer”

The exact costs Rene will pay to fund this $190,000 flip

And So Much More!

Links from the Show

Ashley's BiggerPockets Profile

Tony's BiggerPokckets Profile

Join BiggerPockets for FREE

Real Estate Rookie Facebook Group

Start with Strategy

House Flipping Investing Calculator

Rehab Cost Estimate Calculator

Follow Rene’s ACTUAL House Flipping Budget

Learn How to Flip Houses with “The House Flipping Framework”

Find Investor-Friendly Lenders

Flipping Houses: How to Get Started and Everything You Should Know

Connect with Rene

(00:00) Intro

(02:49) Buy the Whole Building?

(07:14) Making a QUICK Offer

(10:37) Finding $190K in 24 Hours

(17:20) Private Money Lending Numbers

(21:03) Renovation Budgeting

(25:49) Renovation Timeline and Plans

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-477

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