How to find a good flip deal in Kelowna, BC
I am looking to do my first flip. I have made a few offers on older, outdated properties I found on MLS. They have mostly been part of an estate sale and I have felt they were over priced for the amount of work to update so have made low offers and they keep getting rejected. I am starting to wonder if I am out of touch with what I am expecting get these homes for. Anyone have experience in Kelowna they can share?
I am looking for a 3+ bed, close to 2000 sqft in either south Rutland or Glenmore. I want one that is not on a busy road, has two levels with suite potential. I am hoping to get it for $525k spend 100k to update, add suite, etc (including carrying and sales fees) and sell for $650. So a profit around $25k. Depending on the ARV, the purchase price can vary slightly but this is the spread I am looking for.
My issue is my offers keep getting rejected. Should I not be looking at MLS and working with a realtor to find deals? Are there other areas I should look in? Thoughts?
Thanks in advance.
Saskia