First time flip in super expensive Bay Area

[Lucas Fridriksson]

Hello everyone,

I am a new investor 60 miles north of San Francisco, in wine country (Sonoma County) where property values aren't as outrageous as SF, but still quite expensive. Looking at properties in the 370-470k range. I have aspirations for starting a flipping business, but want to start by getting one project under my belt before fully creating this business. After meeting with a top RE agent recently who showed me on the MLS that every property here is selling for above asking price attempting to put forth low ball offers seems impossible. To me it seems that finding a solid REO deal may be the only way to start without marketing. I am also going to be seeking financing and HML/private money as I believe it is the best option given who is in my network. My hope is that by writing a very solid business and getting the numbers set I can secure lending. Anything more I should do than focus on the business plan? Also, what % down payment will I need when buying an REO? Please let me know what you guys think.

Thanks for reading!