Advice for 1st time flipper with low budget in Portland, OR?

[Quynh Larimer]

Hello all, 

We're looking for our 1st fix and flip in or within 45' of the Beaverton/Portland area. We have about 50k saved up to do rehab (there's no down payment) but since it'd be our first deal, between hard money lender and family help, we can only pay ~200k cash for the property. Is it possible to find a fix and flip SFH deal with that kind of budget in the current market? If so, any suggestions on where/zip codes that we should look into? Other sources besides MLS that you'd suggest? Although a profit would be nice, we'd be happy to just break even on the first one so we could get our feet wet and learn a good deal from it ;) if not possible then we'd look into other options including bringing on another partner.

Thanks so much, everyone!

Quynh L.

[Scott Radetich]

A more conservative option would be to buy a primary residence that needs work.  You'll learn plenty fixing it up, and you can take your time to get it right.  Sell it in two years, pocket some tax free money and go out and flip the next one.  Though I see you have a little one, home renovations with child can be tricky but its not impossible.