First flip

6 Replies

I am looking to do my first flip in NC and have a source for wholesale properties. And a great agent that has a buyers list of military families. 

The home is $28,000 3bd/1.5bth potentially can be a 3/2 with adjustments to move the w/d connections out 1/2 bth.  comps are for 90,000 and  repairs are 20,000... I want to know since I can't turn to hard money what are my other options

If you can't get the money to flip it why not just wholesale it to someone who does. With the numbers you have you're could easily get a nice wholesale fee without having to deal with the actual flip.

I would go to a local or regional bank. Come prepared with all the numbers that make the deal work. Show them contractor estimates and time frames. Show them the comps you are comparing it with. Lay it all out for them. With 20% down and decent credit you should have no prob.

I have looked into flipping it to someone else, the problem I'm running into is finding the person to flip it to

Originally posted by @NAYMike Watkins :
I have looked into flipping it to someone else, the problem I'm running into is finding the person to flip it to

If the numbers really are what you say they are you should have no problem posting it here or on craigslist and getting it sold soon. If It were in my area I'd be all over it (again if the numbers are accurate)

thank you Chris for your response. Where exactly do I post deals like this because the numbers are completely accurate and could love to assign it to someone else and have other homes with similar number and am looking to move fast on them.

Originally posted by @NAYMike Watkins :
thank you Chris for your response. Where exactly do I post deals like this because the numbers are completely accurate and could love to assign it to someone else and have other homes with similar number and am looking to move fast on them.

If you want to post them here you will have to sign up for a BP Plus or BP Pro account. Then you will be able to post on the BP Marketplace.

https://www.biggerpockets.com/forums/517-real-estate-marketplace

Or just post them on CL and at you local investment clubs.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you