I have questions about buying my first home to flip

[Ryan Kuler]

I’m 21 and me and my wife haven’t bought property yet.

My parents neighbor just passed away about a month ago and his wife is seriously considering moving in with her daughter 2 hours away due to her age.

The house is in a great neighborhood about 5-7 minutes from town and is still in the best school district in town. The house was built in 1973 and they have never remodeled this house or done work to it. The surrounding houses are valued in the 150-200k range and this house is right around 80k. It’s a 1250 square foot house so I’m guessing I could probably get around 130-140k if I put the work in to try to flip.

I’ve heard about the 70% rule but I’m curious as to when and how to go about giving her an offer on her house since she hasn’t completely decided to move in with her daughter.

And if I can get her to sell how much money should I put into renovations.

[Mike McCarthy]

@Ryan Kuler when there’s a death involved, things are always a bit more complicated. I’d start just by introducing yourself and having a low-key conversation about what she’s thinking of doing, what your plans in RE are, and see if there might be a match. No need to start throwing around numbers and such at the beginning - it’s probably still a rough time for her.

But if you can help each other, then keep talking. Even if she’s not ready to move now, let her know that you’re not in a rush, if it works for both of you when the time is right, you’ll help her.

Meanwhile, start looking at comps in the area so you know what it’s worth. If she starts taking about selling it for $400K when you know it’s $225 max in its current condition, you may need to step away. Etc.

good luck!!