My first fix and flip

[Jamiah James]

I have a very good deal I think. I've been working with a realtor and an appraiser about this property here in Florida. It's a 3 bed 2 bath, about 1400 square feet. Built in 1959 and the list price is 67500. Comps in the area show similar homes built close to that 1959 and they sold this year. Nice neighborhood and close to a community college, a park, and many other places and amenities. I estimated the rehab to be 12k-18k for some cosmetic and flooring issues. The realtor that I'm working with sent me the HUD inspection report and everything seems fine. I set an appointment to look at the property this Friday. As far as funding I don't have much money so I decided to go with a hard money lender but, he offered me a deal. I bring the DD fees (underwriting, processing, and appraisal) which is about $2500 then we can split the profit of the home. The ARV is estimated at $120k if rehabbed correctly. I don't necessarily have $2500 either. Is there anything I can do to get the money? Does this sound like a good deal? Looking for feedback please and thanks. I think it would make a great first deal! Looking forward to reading your advice!

[Mark Ferguson]

Originally posted by @Stanley Okazaki:

@Jamiah James

That makes me even more skeptical. 99% of wholesalers never leave enough on the table for the next guy. Quite frankly they're selfish. HUD inspection report isn't very thorough and only tests basic functional things. I don't know the numbers, but I would suggest skipping out.

It's hard to find a truly good deal from wholesalers in my opinion. Unless you're the first person they go to when they find a deal, chances are the deal isn't worth your time

 I would not pass on a deal simply because it is from a wholesaler.  There are many awesome wholesalers out there. Stating there are selfish is plain silly. They want to make money just like all of us do on this site. I base a deal on the numbers not who is selling.