Fix and flip opportunity in Virginia - where do I begin ?

[Wendy Thurst]

Currently have SFH rentals in Tennessee and just came across a fix and flip with a partner who wants out of her parents run down estate house in Virginia. Best options for the win/win solution? Do we set a contract with a quick claim deed/renovate with cash/sell and split % proceeds? Seeking advice from those who have done fix and flips. Thank you!

[Tom Hacku]

@Wendy Thurst I would say if you have a partner already just look to close it with your cash price and try to limit the number of people you split the profits with. If the cash price doesn't work for the seller then there's always a seller financing option. But typically the rule of thumb for a lot of investors is to be in 70%ARV minus repairs on a fix and flip. As the ARV creeps up you can maybe get to say 75%. Or if it's in the Richmond VA area and you want to make quick cash you could always wholesale it and I'll buy it haha