Real Estate agent didn't run comps

[Jamie Lemon]

Newbie investor here: so I walked through my first potential flip with my real estate agent and contractor. My agent says she caters to investors and even invests herself. She is giving me MLS listings and saying they're good for flips. Well after the walk thru it needed extensive cosmetic work: walls removed, ceiling blown up etc. I get my contractor to write up a SOW later on in the day after the walk thru because my realtor tells us there are already offers. I ask her to run the comps and she emails me them. The comps are exactly the same number as the asking price! It was a good learning experience but I feel I wasted my contractors time. What could I do now? What should I have done? And what did I do wrong? Thank you in advance.

[J Scott]

Sounds like you have some learning to do. In order to know whether a deal is good or not, you need to understand several things... Including, the rehab cost, the after repair value, all of your fixed costs, etc. I would spend a couple weeks or months taking a look around this site and getting familiar with how to analyze a flip property.