Updated almost 5 years ago on . Most recent reply
Finding My First Deal
I seen this question posted many times and since im new here I figured I would add to the value in the group.
To find a good deal you must understand your market, which means you need to find a distressed property. Find similar properties in 1 mile of the property that recently sold with similar dimensions such as bed count and bathroom and basement. When you know how much homes are typically sold for in the area then you see how much your distressed property will cost you and how much it will cost to renovate the property. You need to then analyze the numbers to see if you can make at least 60 - 80k in profit to be comfortable during your time fixing. I say the profit should be between 60-80k to allot for any mishaps you may have with fixing the property once you start. You can have some trouble with the property as everyone always does and in this case you will have much cushion to so you still come out with a profit your happy about. Let me know if this helped you any.