I need to flip these houses what am I doing wrong?

[Denice Blair]

How do I manage this Flip deal ?

Recently I got several SFH leads in Florida. Being "New" to real estate investing. the very first thing I did was to scout for financing for a down payment . I got one which offered $5,000 but I needed $850.00 upfront. (This one I sat on) I also located an attorney, an appraiser in the area of the SFH (should I need one, flipping).

I took the address and got a full report on the house. Which had some red flags, High crime.., etc..., Do I need to do this, I assume I will be re-assigning the property.

The initial price of the house  was $210,000.  Several days after I received my report  the seller said the price was now  $267,000 .I told the guy I thought the house was over valued (should I have said this, because I was not looking to be the end buyer).

 I was searching for a cash buyer , someone I could re-assign the contract to. My strategy is to buy & re-sell a couple of properties , before actually buying and holding.

This house was an FSBO initially. While we were negotiating the owner turned the listing over to a realtor. I offered him $210,000 ( I was going to offer , less) but have not heard back from him. I am , "New" to this. Wholesaling and real estate investing but not to real estate. I have an attorney here that can deal with any attorney in the states. But am I wasting to much money structuring my deals like this?

I have an associate sending me FSBO deals from Florida. He has sent me have about 5 leads so far. Is there anyone that is knowledgeable on how I can successfully contact and re-assign these deals and make a profit.

I also have a few other leads from a mentor & fellow investor , that I am really not to as to structure. At this starting point learning to get these SFH re-sold fast are of prime importance to me. I can only guess at this time which deal needs what type of funding.

Thanks for any advice you can give.

Denise B.

[JD Martin]

Probably my first advice would be to build some cash reserves or other access to funds, because if you have to hunt for $5k financing and can't come up with $850, this is going to be a very difficult business to invest in. I don't care what anyone says - you can't buy real estate without money. You need money, whether it's yours or someone else's money. 

@John Thedford can fill you in on the law for wholesaling in Florida. I would imagine being a resident of another state would make it less legal, but that is only a guess.