Fix and Flip.. Over My Head? Ha..
Credentials: I have 1 buy and hold that I purchased in 2007.. pretty bad time to buy.. ha. I'm looking in to buy and holds, but I'd definitely do a fix and flip if it came my way. The problem is that one may be coming my way and I don't have the experience right now.
So today, I was walking down the street today and I saw a distressed home (which I noticed before). It's in a great neighborhood, but the home is 3300 sqft and needs a lot of work, almost a full gut.
I saw a guy go inside as I was walking down the street.. apparently he was helping clean it out. 1st person I've seen at the home in all the times I've passed it. I went up to the door and knocked. He came out after about 7 minutes and I explained I'm a real estate investor. He knows the owner personally and advised him to just get rid of the place b/c it needs so much work.. but the owner just inherited the home from his dad, who passed and was thinking about fixing it and living in it.
I talked to the guy for about 5 minutes and explained that we could do a quick sale and I can pay cash. I gave him 1 of my business cards (that I just got.. ha).
If this guy calls me.. what should I do? lol.. I was thinking about just bringing it to one of the guys at the local wholesale club b/c they have buyers.. I could also get a hard money loan and rehab it myself (right?), but this would be my first fix and flip.
Anyway, this definitely has potential if the guy calls me.. and the guy I talked to said he would go to bat for me.. Any advice? Thanks!