Brrrr investing: my first deal

[Bret Treadway]

I'm currently under contract for my first brrrr deal. My realtor worked with me in finding a house to invest in. My realtor who show me the current house I'm under contract for has many years of investing herself so I mistakenly trusted her word. I was told the ARV of the house would be 149k and the rehab would be between 30-35k. No brainer right?! After getting the house under contract for 59k with no closing costs, I brought in a contractor who told me the work would be closer to 45k and upon asking another realtor for an ARV, I was told that it could be valued at 133k on a good day but more than likely 127k. I have one more contractor coming out today to give me a bid. I'm still in my option period right now

and I’m considered just backing out completely.

The realtor I had was a my mom’s friend, distant friend but friend nonetheless, so I figured she would be more involved like she told me she would when I hired her.

I would love some mentorship so all advice would be appreciated.

[Peter Giardini]

Bret,
Looks like you are learning a very valuable and hopefully not a costly lesson.
If you are unsure of the deal, either renegotiate the purchase price (your realtor will have a fit) or back out of the deal.
The lesson... always stay on YOUR agenda!  This means independently verifying the numbers and don't trust others to lookout for your best interests.  They are too busy looking out for their own interests.

Best of Luck!
Pete