Looking for first deal and have some concerns.

[Chris McPherson]

Hello all!

I am looking for my first flip and wanted to reach out for a little guidance.

I have a deal that my overly cautious side is telling me to run away from but my "get your first deal!" side is telling me to know it's a bad deal before I turn it down. I am looking for some advice and I am going to list out my concerns below. Thanks in advance for the assist!

Let me start by quickly outlining my goals/strategy. I have little available capital and will be financing my deals with a mix of hard money, partner, and personal funds. I plan to fix and flip until I have enough capital to brrrr and be able to leave money in the deal and keep going.

So far I have been to a few local meetups and have been in contact with 3 separate wholesalers for leads.

Concerns:

1. The wholesaler I am working with on this deal is new to the industry.

2. ARV quoted by the wholesaler is about 30k over realistic but the deal could still work.

3. During my initial research of the property I came across a news article about a fire at the property 2 years ago. All brick house but definite fire/water damage that may not be completely evident.

I can get the property low enough to make the flip work I think but I am concerned about this being my first deal and biting off more than I can handle.