Potential first deal!!

[Lazaro La Rosa]

Good morning BP!

I am eager to jump into my first deal but I want to make sure it makes sense. I have found a property here in south florida that has great potential but am a little hesitant to jump in. I am not sure if it's the uncertainty of my first deal or the fact that financing scares me a bit. 

Even though I have read allot of books and have been very involved in the community I lack the hands on experience I am so eager to gain. I would even be open to JV with someone who can mentor me and help me grow.

The house:

Built 1973

SQ FT: 1292

Lot: 5,760 Sq Ft

2 Bedroom - 2 Bath - 1 car garage. Has a large "florida room" that can easily be converted into a 3rd bedroom.

Needs a basic remodel- floors, kitchen, bath, paint, landscaping.

Needs a new A/C unit - Current one is very OLD.

Asking Price: $143,000 ROI property.

ARV: $215,000 - $240,00

I am estimating the repairs to be around 20-30k but again I lack the experience to trust my numbers.

[Anthony Angotti]

Hi @Lazaro La Rosa

Is this on market or off market?

Also, if you are worried about repair cost consider paying a recommended contractor for his time to come out and estimate the job. Or get it under contract and have him out there unpaid to put in a bid. 

I would recommend someone else coming to price the job, but if you don't have it under contract you are just wasting a contractors time if they do it for free before you know you can close. 

That's a wide range of ARV. How are you comping this? Agent, zillow, etc?