1st Time investor need help on 1st lead

[Navid Sadighi]

Hi everyone, I’m a first time investor in So. California. I have a possible deal that I’m looking to put an offer on: SFR: 3 bd 1.5 bath Asking price: 310,000 Comps: 307k-345k Rent: found two homes that rent at 1900 but they’re 4bd/3bath The home has no upgrades so there’s room for renovation. Kitchens and bathrooms need to be upgraded and walls painted. Everything else is cosmetically ok. Seems like there might be room here to do a fix and flip so I need some advice on where I should look for a private lender? Thank you.

[Andrew Johnson]

@Navid Sadighi So I'm a little lost in your numbers.  Let's say that it's on the higher end of the comps after renovation:  $345K.  It's going to cost your roughly 10% to sell (realtor fees, closing costs, vacancy while marketing it, etc.) so that wipes $34K and leaves you at $315K net.  You'll have to throw money into the kitchens and bathrooms (not cheap) and leave room for holding costs, profits, unforeseen expenses, etc.  Odds are your "deal" price is going a far cry away from their asking price :-)