Hello Everyone
I would like information on whether to purchase a townhome unit that use to be a rental apartment complex. It's now a subdivision.
Some is purchasing entire apartment complex's in my area and renovating into property's to sell (90k to 120k). I would like to purchase one of these units myself and then sell it to make a profit of maybe 10 or 15k. How do I go about doing this? I know I will have to pay the closing cost and downpayment, is there anything else? Also, can I turn around and sell the unit before the builder whose renovating the units sells all the other units in the subdivision? I would like to do a rent to own for someone who is not able to buy but will be able to in a couple of months. Are there any pitfalls to doing this? Also, my cousin just bought a house and she is interested in purchasing one of the renovated property townhomes (going for 90k), how long does she have to wait before she can purchase another property, if she closed on her home 2 months ago? Any advice would be greatly appreciated.
:-? [ Edited by ytscott on Date 06/28/2004 ]
Flipping expenses:
Besides closing costs, there are carrying costs, ie. monthly mortgage payments and taxes. And if your property sits on the market for a while, those carrying costs add up.
Also, if you use a realtor to sell your flip, then there are commission costs.
[addsig]