LOCATED A PROPERTY, NOW WHAT?? HELP! (Decatur, GA)

[Anthony Crawford]

Hello!

NEWBIE HERE IN ATLANTA GA (Decatur 30032)...I have found a property I would really love to get my hands on for my very first flip. I live in the 30032 zip code and every day I drive past houses that have been successfully flipped and even more that are in the process, so I know the area's potential. There is a house around the corner from me that just hit the market for $79k (3/1 built in the 50s, 1200 sf, .07ac). I would like to keep rehab costs around the $35k range and place on market for $165k+ (recently a house on my street was flipped and sold for $194k and another just hit the market for $189k so I know my sell price is about right for the neighborhood)......with that being said, here's my reality: I don't qualify for conventional loans so I know a HML is the way to go for me....Experts/Professionals: do the #s make sense? Should I shop this deal around to HMLs??

ANY ADVICE would be greatly appreciated!  Thanks!

**Feel free to send private message as well...

[Rick Baggenstoss]

$79k is $20k higher than what most investors are paying in the area.  Exceptions are the very best part of 30032 (far west and north).  

Anyway, use this opportunity as an exercise to prepare yourself for the real deal.  Figure out what it would cost to rehab, how long, who would finance you, who would do the work, how you would do it?  You should have a good idea of these things before closing on a deal.

Great deals often must be closed quickly, so you don't have a couple of months to pull your plans together.  Figure it out now.