Wanting To Become Flipper
Hi. I just discovered this web site. I am a "buy and holder" - 10 SFH's and 2 duplexes, and also build and sell 6-8 $200,000 houses per year.
I've been reading about flipping, and it seems like a quick way to generate cash if it works. One person I read said to look in older neighborhoods.
I found a 900 sq ft house, 75 yrs old, needs lots of work, tenant has been there 13 yrs and wants to stay and possibly buy home. i can get the house for $20,000. Fixed up it might be worth $30,000. Is that too close for a flip? Should I be thinking lease option instead...or maybe pass all together?
Thanks
scottmc
Hi
It just depends on how much it cost you to fix it up. Are you sure that $30,000 is the best you could get from it. Also be careful to find out how long you need to own the property before banks will lend on the property. Banks have been very funny lately when it comes to flipping. There always is a solution to everything (my motto) so dont give up.
when flipping you want to get the most money you can. A fast nickel is better than a slow dime.