I think I have a deal on the line!!!

[Jacob I Strauss]

Hello my wonderful people,

I am starting out by flipping homes to generate funds for cash flowing properties in other states thats the goal lol but first things first. 

I am about to make an offer on a home once I view it tomorrow now the property is listed for APX 449K and its a fixer in a good neighborhood where the comps if I add onto the structure to match would be worth APX 600-650K. I am planning on making 2 offers one for 420 for all cash through a hard money lender or 435 financed and will clean up anything left behind. I would prefer the financed but honestly I don't think I could go wrong on this one. Any tips on closing this deal with those experienced in the SD flipping business?

I am figuring

20K for the remodel inside might need to open the floor plan if possible.

quoted 180 per foot for an ADU so 75-100K for the additional structure.

though my numbers still might not land me in the green on a second look with closing and such. Might be a little tighter than expected closer to 20-50K profit depending on the ADU.

Thank you all in advance from the very start I feel like home here and really I just can't thank bigger pockets enough gonna go pro soon!!!😀

[Dan H.]

Some of my thoughts

• You need to see the property before you have idea of rehab costs and property value.
• In this market expecting MLS property to go below list may be optimistic.
• $20k rehab seems low if removing walls. 
  In most areas, ADUs add less value than the hands off ADU addition costs.
  $180 sq foot for new construction will be challenging in San Diego unless you are very active in the work.
• Your profit spread is too tight.  Anything goes wrong and the profit vanishes.  Something usually goes wrong. 
  flips from MLS in this market are tough. I think few MLS properties provide good flip opportunities. Network.

Good luck