First possible FLIP

[Frank Caputo]

I came across a VA foreclosure in my area a couple of days ago and wanted to gets some opinions on it.

Myself and a close friend wold be purchasing it together. The VA is asking for $55k and we want to put in an offer for $50k. The comps in the area are anywhere from $104 to $112. We would price it aggressively at $102,500 for a fast sale.

The house needs some repairs and depending on how far we go it could vary from $10k to $25k. I expect no more than $20k and I feel like that's still a little high. It's in a descent school district and close to Fort Bragg, I will be meeting with a contractor there today to get a more accurate assessment of the repair costs.

By the way this would be my first fix and flip so any tips are appreciated.

Thanks

Frank