So I've been trying to gather as much information as I can over the past couple of months in order to purchase my first house. I plan on making the first investment a quick and simple flip for profit. I'm working in North Orange County, CA where profit margins are extremely small. I recently ran across a potential opportunity and I'm looking for some help.

My father's neighbor is an older gentleman looking to get out of his house ASAP. His wife is very sick and maintaining a large 1900 sq ft property is getting to be too difficult for him. The home is 4 bedroom 2 bath with one of the largest yards in the neighborhood.

After walking the property, It seems to need a few things right off of the bat. Exterior/interior paint, some new fascia boards, replastered pool (13 feet deep), new windows, and floors, and a LOT of clean-up. I brought all of this to a friend of mine who is a GC and he quoted me anywhere from 50-65k on the rehab.

The homeowner has gotten a realtor involved and while it is not on the market yet, he's asking 750k for it. My question is this: Do I offer him 675k before it gets on the market? Or do I wait it out and hope nobody picks it up at full asking price? At 675 i know I'd most likely be getting a good profit on the flip, (~30k).

What has been your guys' experience when it comes to making an offer? Should I let the homeowner get a little nervous first? Or do I put in an offer and let him either bite, or come back to me when he doesn't get any offers at asking price?

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I'm looking to make my first deal on a fix-and-flip. Help!

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