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Updated almost 4 years ago on . Most recent reply

Account Closed
  • Valencia, CA
21
Votes |
42
Posts

Fix & flip in Bakersfield, CA partnership?

Account Closed
  • Valencia, CA
Posted

I made the mistake of partnering with someone who bailed on me last minute for a fix and flip single family home in Bakersfield, CA. I'm bummed. The progress I've already made: I've connected with the owner (whom is also the realtor). As well, I've had a contractor assess the property. I haven't put in an offer yet, nor have funding yet. 

I am quite motivated and enthusiastic about this flip, but I am a newbie as this will be my first project. Because of this I would like to partner with someone more experienced for this first venture.

So far what I have to bring: *The property (up for bid). *I live 80 miles from Bakersfield so I can be the eyes on the project. *I'm partnered with a desirable and reputable 40-year experienced contractor in the area with whom I'm in regular contact.

ARV: $200,000

Listed: $185,000 

Repairs needed: $20,000

Average CPM: $ 220,000

Obviously I think that listed price is too high. I hope I explained all of the details right! Looking to put in an offer today, or soon. Sadly I wish I had more time but due to the circumstances I'm left to find someone to partner with quick. 

Most Popular Reply

Account Closed
  • Valencia, CA
21
Votes |
42
Posts
Account Closed
  • Valencia, CA
Replied

@Patrick Knapp Yeah for sure! I had to sleep on it a bit but I agree.

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