Is this a good property to buy, rehab, and flip?

[Daniel Muscarella]

Hi all, 

I was just looking through zillow in the Tampa, Florida area and came across this property that was just posted today.   It is said to need full rehab and repairs and I just wanted to see what process or analysis you guys would do with this property.  

1307 E River Cove St, Tampa, FL 33604

Here is the address,  Please let me know what you guys think.

[Kristina Kuba]

@Daniel Muscarella

I have done over 25 full gut flips with my spouse in the last 4 years. The main lesson I learned is you make profit on a flip when you buy it, not when you sell it.

In order to buy it right, you need a rock solid contractor that will SHOW up and perform. You mentioned that it needs a full rehab, if you are serious about this deal, I would show up at Home Depot near Raymond James Stadium (largest sale volume HD in Tampa Bay) at 6 AM/ 7 AM. I have personally found that this is one of the best ways to find contractors. They are the ones that are employed, getting up early and buying materials for a job. They are not the ones on craigslist or facebook looking for work.

I bring this up because the biggest pain point for beginner flippers is finding contractors. If you have an ARV that you are comfortable with, get at least a few quotes and cross check their references. I think until you have the proper rehab estimates, then only can you make your decision. Good luck and reach out if you have any questions!