Would It Be A Good Idea To Flip A Condo?
Or is it exactly the same as flipping a house? as long as you can buy low-sell low? I have a FSBO condo im looking at and this would be my first deal so was wondering if i should go for it!
Sure... If the numbers are right for you
do it
I would prefer to buy low and sell at FMV. Like Dave suggested, if the numbers do work you, then you should go for it.
Ok i can pick up the condo for cheap--say 215K while the value is around 250K. I can say i need 90 days to close the deal? or less?
And then immediately put it up for sale...my question is what happens if i dont sell it in the time i specified??
Should i ONLY buy it if i have an investor ready?
[addsig]
One question crunch the numbers? Cashflow analysis is important in flipping.
If there's a profit then go for it.
A few questions:
I will need to find a tenant/buyer for this in the meantime? during the 90 days that i have to close.
What if the seller needs his money at closing and if he gives me the 90 days...where do i get the cash?
Do i find an investor interested before i get inlvolved? Investors wont go for FMV pricing though as far as i can tell.
Correct me if im wrong and thanks in advance!