Newsflash: Looking To Purchase My First Property (to flip) [TX]

I’m 29 years old and have rented my entire life, and my lease is up in about 2 months. I have a little over $60k in cash in my checking account but I also just ended my work contract (I do marketing and usually make around $40kyear) so I am currently unemployed. I’m interested in real estate investing and would like to find a good deal on a property I can fix up and flip. If I can not find a property to purchase in the next 2 months I have family I can stay with until I find something. My idea is to find a foreclosure that needs work, purchase it and fix it up, then try and sell if for a profit. I’ve been doing research at biggerpockets and using their REO list (fannie may, BoA, etc) and found THIS PROPERTY that seems to be about $50k below market value. From what I read I should try to purchase a property for around 70% ARV minus repairs. Im a 100% beginner at this and just trying to get on the right track here. I told my family that I’d like to try and pursue this as a career if it works instead of marketing. They are very supportive and are willing to put me up in between flips if I do this and need it (Im super lucky in this regard). Am I on the right track? Or do I need to save more money/change something?Are there any other resources for finding cheap listings aside from REO that you’d recommend?What are the pros/cons of putting most of my money in the downpayment vs. putting just the minimum?How does the process of buying a ROE differ than buying traditionally?I would love to find a mentor in the Texas area if you have any advice on that! Any info is greatly appreciated!PS Im not saying this is the property I want to buy, Im just trying to lay out my logic.

Read more at https://www.reddit.com/r/RealEstate/comments/6i6p2g/looking_to_purchase_my_first_property_to_flip_tx/?utm_source=ifttt

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