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
- 5 br 3.5 bath 4028 sq ft - $1,475,000 on 09/30/2005
- 3 br 2.5 bath 3,397 sq ft - $1,500,000 on 11/04/2005
- 4 br 2.5 bath 4035 sq ft - $1,750,000 on 08/25/2006
- 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.
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What would be the steps I need to take to flip this deal?
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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.