1st flip/rehab

Bird Dogs, Wholesaling
1

Hello to All,

This is my first post so please bear with me.

Need some suggestions on what to do.

I’ve come across a deal that I think is a good flip/rehab, but being a newbie I’m not sure what to do.

Here’s the deal:

Queen Anne Victorian Home
5 br, 3 1/2 ba
3,974 sq ft

3 car garage w/ 2br , 1ba 880 sq ft garage apartment

Asking price is $680

Est Repairs $150K - $200K

ARV = $1.5 - $1.6 million

Comps in the area are

  1. 5 br 3.5 bath 4028 sq ft - $1,475,000 on 09/30/2005
  2. 3 br 2.5 bath 3,397 sq ft - $1,500,000 on 11/04/2005
  3. 4 br 2.5 bath 4035 sq ft - $1,750,000 on 08/25/2006
  4. 4 br 4.5 bath 5,341 sq ft - $1,700,000 on 03/17/2006

Since I’m not experienced in rehabbing my thoughts would be to flip this to an investor.

  1. What would be the steps I need to take to flip this deal?

  2. Is there a specific amount of earnest money that needs to be put down to get the deal under contract?

Any thoughts would be most appreciated.

Thank you in advance.