Need help from an Experienced Investor

[Josh Malenfant]

Hello Everyone,

I am a new investor looking to do my first deal. I started off by looking in my neighborhood as a means of generating my own farm area. I chose this area because it is strictly a residential area and houses sell very fast. In addition, there are investors that have been buying and selling in the area, which reinforced my belief that my farm area may generate some pretty nice returns. On top of that, I was able to retrieve the data from a realtor of the past 90 day sales, that confirmed my hypothesis that the area is suitable for fix and flip.

With that being said, I found an REO that has been vacant for at least 6-7 years, that is right across the street from me. They just recently had an open house last week, but do not currently have an asking price. Its a 3/2 with several code violations, some mold, termites, roof damage and an infestation of bees on one side of the house. I believe these problems will be great in negotiating a low price.

The problem is that this type of project is advanced. It will take a considerable amount of time and money to get this deal done, but the return will likely be large for any investor willing to take the risk. Since I am new, it would be senseless for me to tackle this project as I have very minimal experience. My mentor is only looking for moderate rehab projects until he has found a trustworthy GC, so that option looks to be dead in the water. I was wondering if there is anyone in the South Florida area that may be interested in doing an advanced rehab project, and would not mind showing me the ropes as we progress through the deal.