Need Some Advice in DFW
My husband and I are newbies, but have been looking for our first flip property. Having done a lot of reading (including J Scott's book) the 70% rule has been drummed into us. And, since we will be starting out with hard money, I know the deal has to fit into that 70% rule criteria. I have been scouring the usual places (wholesalers, foreclosures, Craigslist, etc...) and working on SEO for lead generation. When I do the math (70%) on possible properties, the purchase price comes out way low, to the point that I can't see anyone accepting it as an offer. The other issue I am having is the ARV. I go to Zillow to at least get a ballpark and then get comps from my realtor. Can anyone share how you go about finding a property and then deciding to make an offer? I should also mention we live in the DFW area and our market is very strong. We are raring to go, but feel a little discouraged at this point. I have a feeling I may not be correctly approaching my search.