Guidance Needed on Evaluating a Potential Fix & Flip vs. BRRR Opportunity

[Cleiton Levinski]

Hello, fellow investors,

I'm venturing into the realm of real estate investment and am eyeing a property near my neighborhood for a potential Fix & Flip or BRRR opportunity. Though I'm new to this and still learning the ropes, I'm keen on making informed decisions and possibly partnering with an experienced investor who can guide me through the process.

The property that caught my attention is currently listed at $439k on Zillow. It appears distressed and, despite its listing, feels like it has been overlooked. Located in a prime area of Clearwater, FL, the house next to it is valued at $615k, suggesting significant upside potential. With this in mind, I have several questions:

1. 1. Finding Owner and Property Information: What are effective strategies to uncover detailed information about a property and its owner, especially one that's listed but seems neglected? Are there specific databases or resources that are invaluable for this research?
2. 2. Approaching the Owner: Considering the property is listed, would it still be advisable to directly approach the owner? I want to ensure my interest is perceived positively, without harming potential negotiations.
3. 3. Deciding on an Offer: How can I determine a fair offer for a property that, despite being listed, might have a different value in reality due to its condition? What tools or methods should I employ to evaluate its true market value?
4. 4. BRRR vs. Flip Decision: Given the property's price and potential, how can I decide whether to pursue a BRRR strategy or a traditional Flip? Are there specific factors or market conditions in Clearwater, FL, that would make one approach more advantageous than the other?

I'm also considering utilizing $150k-$170k in equity from my primary residence as a HELOC to fund this investment. I'm eager to learn from those more experienced and would appreciate any advice or insight. Partnering with someone knowledgeable in this area, even just for the learning experience, would be incredibly valuable to me.

Thank you in advance for your guidance and support. I look forward to your responses and any advice you can share.