Analysis my potential first Flip Deal

[Aidyn Phan]

I have just started learning about real estate investment. I found myself pretty desperate about making deals despite having no cash for reserves, no experience, and only one contact of an agent who I began talking a week ago. That is why I post this thread here so that I can look at it to see a bigger picture, or to find more people to talk about it and help me learn from it.

There is a targeted property I have in mind. The house would need a full renovation. My RE agent told me it would be good for a flip since it that area, renting is difficult. It is a 3 bedroom, 2 bathroom single-family house, 1,300 sq. ft. sitting on 4.51-acre land in Loudoun County, VA.

Plan: 

                 Asking Price:                                   $ 249,900 (1)

                 Targeting purchase price:                $ 130,000 (2)

                Maximum purchase price:                 $ 150,000

                 Rehab cost:                                     $   50,000 (3)

                  Holding cost:                                  $   40,000 (4)

                  Targeting selling price:                  $ 330,000 (5)      

                  Total cost:                                     ($ 220,000)

                  Projected profit:                             $110,000                                            

(1) The house was listed on June 2019 for $299,000, and the price decreases after that to $249,900 as of now.

(2) Since records show that the owner bought this house in June 2019 for $100,000. He intended to sell it as-is. I would not make any offer that is more than $130,000. And I could wait until June to make offers since if he bought it by a private loan, it would be the time for him to look for buyers.

(3) The house is pretty damaged. This renovation cost relies on what pictures show. 

(4) It bases on the interest 10%, closing cost, taxes and insurance.

(5) I found out that the owner of the house also bought another house on the road for $130,000, fixed up, and sold it for $335,000 in February 2020. That is the picture here. Fixing up cost is around $50,000, and after that, I would list the house for $330,000 hoping to make a profit out of it.

I plan to ask for a loan of $210,000 so that I could cover 100% of purchase price, rehab cost, and holding cost. The reason is that I don't have money. The problem is also that I don't have money. Hardly any lender can give me their money. At this point, it stops me to moving forward. 

What do you think about this picture? What am I doing wrong in this deal?