Possible First Flipping Deal?

[Bao-Chau Tran]

Hello,

I came across a good deal (I think it is a good deal) from a wholesaler here on BP marketplace. This particular property is a 3bd/1bath single family home that is in moderate condition but would need to be fix up before re-selling in MLS marketplace. The wholesaler marketed this home in Aberdeen WA to be around 60% of the asking price. And that is around 20 to 23k plus 2k wholesaler fees.

After fixing up, I think it could sold for 70k to 85k (ARV) based on three comparable homes in the Aberdeen, WA area. I would like to fix this home up and sell for around 80k. After about 10 to 15k rehab cost, we may profited about 25 to 35k (depending on actual rehab cost). But I am a little hesitant based on three factors:

1. I am new to real estate investing and so I don't know much about flipping houses.

2. I don't have the cash equity and so I need to find a cash partner for this deal. I am not sure how easy or hard to find a cash partner to split this deal with. How do I goes about finding an equity/cash partner?

3. Aberdeen WA area seems to have more crimes and below average school than I am comfortable with. And I am not sure about the real estate market in Aberdeen? Whether it is easy or difficult to sell home? Can some Washington investors comment on what they think about investing in Aberdeen? 

Any advise would be deeply appreciated! Thank you very much!

Bao Chau Tran

[Ruth Bayang]

@Bao-Chau Tran

I would not flip in Aberdeen. Buy/holds, yes. But not fix/flips. I don't know if inventory is moving there, and if it is, how quickly. Grays Harbor county has among the highest unemployment rates in the state. That's just my opinion.