Help flipping a house in NJ
Ok, Here is the situation, I found a property in a nice area, is a total rehab. They are asking for $199000.
I believe that final price after repairs will be $300000 to $350000. Repairs seems to me will be close to $100000.
My plans are
1.- is not way I will pay $199000. I have to negotiate with the realtor to low that number (a lot) the house has been sitting on the market already for 140 days, may be, the owner will be open to negotiate.
2.- I want to find a investor/ GC to flip the house to him he will be able to lower the repair costs.
Is any of this makes any sense?, I'm sure not the only one who has thought about it, but I'm taking it as a learning experience.
How I make my profit? Say for example I manage to reduce the price to $150000 and I flip it for $160000
How I get my money?
Should I contact the agent or deal directly with the owner?
I know they all are beginner questions, but if I don't ask I will never learn and that's why we are all here right?
Thank you all in advance
Mikel
Most Popular Reply
Mike, find an investor-friendly realtor who is familiar with your area of interest. The realtor would be able to answer your questions re: the process, would consult on the ARV, would help in finding the info about the house and the facts surrounding the whole 140 days situation, and give you more info about the house, might be able to help finding a good GC, will arrange for you to see the property, will help in negotiating the lowest offer price and many many more details. Since you are the buyer, the realtor's service is free to you.
The key is finding a GOOD investor-friendly realtor.
What area are you in? I can recommend such realtor in your area.