i have 100k. how do i buy a house and flip it?
- Thread starter the cool
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OfTheCross
Veteran
Do you already own a home or not?
if you buy a house for 90k and intending on flipping it your going to lose money on that deal.
I know people who do the buy and flip thing. Usually they look at foreclosed properties first because Banks do not want to be slum lords and they're usually looking to sell those properties and get those off those books,.
My advise to you is start small, buy a property (acquire a bank loan) for like 20-30K, see what all work it needs to be done to get it back to resell value. If you have the knowledge and skillset do the rehab on the house or hire people reliable that's not going to hit you over the head with service fees and cost. Then depending on the area put the house on that market for 2-3X of what you paid and if you get lucky you can make a sale and see a profit.
I know people who do the buy and flip thing. Usually they look at foreclosed properties first because Banks do not want to be slum lords and they're usually looking to sell those properties and get those off those books,.
My advise to you is start small, buy a property (acquire a bank loan) for like 20-30K, see what all work it needs to be done to get it back to resell value. If you have the knowledge and skillset do the rehab on the house or hire people reliable that's not going to hit you over the head with service fees and cost. Then depending on the area put the house on that market for 2-3X of what you paid and if you get lucky you can make a sale and see a profit.
OfTheCross
Veteran
Well, if you have the income you can qualify for those homes you're looking at.
You put 20% down, which is 60K. Fix it up with 30-40K and sell it for 400K.
That's the general idea...you can start on a much smaller scale. Look outside of your immediate area for cheaper homes