Per a very nice request, I am going to keep whoever may be interested up-to-date on my first time as a flipper.

So far, I just made the bid on a HUD home 2 1/2 hours before the midnight cutoff time last night.  I just heard today that I won the bid for $36,500.  It is currently assessed around $45,000.  About 800 sq. feet.  One bed, one bath.  I went to the Credit Union today and got a cashier's check for the $500 earnest money.  I also had a letter to HUD from my lender saying I have the money to purchase this home.

It sits on 0.37 acre right in the town of Rapid City, SD.  That is a HUGE lot by our city lot standards.  So my first order of business (after actually receiving the home in about 3 weeks) will be to see if the lot can be platted into 2 lots.  If so, I intend to sell 0.18 acre without the home for around $25-30,000.  This is what I am estimating it will take to add an additional bedroom and redo the plumbing, electric, kitchen and roof. 

My appraisal friend then told me that the home would sell in the $90-100,000 range as a larger 2 bedroom home with all updates.  We will have to see how that goes. I will be honest with you on the numbers as we progress.

I am nervous still, but more excited now than I was yesterday when I entered my bid.  I will keep you updated on the progress and pitfalls (if any - fingers crossed) that I run into during this flip.  Hope you stay tuned and send me any advice you can to help this turn into a successful flip and not the Money-Pit......

Duane Hosek in the Black Hills of South Dakota