1 year, 5 months ago
via realestate-qna.com
Is it a smart idea to buy a house to flip it?
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M$1 Answer
Whether or not it’s a smart idea to buy a house to flip it depends on how good the real estate market is in your area and what kind of house you intend to buy. If you plan to buy a repossessed property that you have the knowledge and expertise to repair (or you know a good contractor who can do it) and the housing market is good in your area, it is a smart idea to buy a repossessed home and flip it for a profit.
From homebuyinginstitute.com
-quote
Tai's formula was simple. She located houses that needed only cosmetic work, avoiding those that required structural repairs. She did all the painting herself, inside and out, and updated the home's lighting, plumbing fixtures, and carpeting. Once renovations had been completed, all three houses sold quickly, and at a significant profit.
-endquote
How much money you should sink into a house you’re planning to flip depends on how much you paid for the house originally and how much you think you’ll be able to resell it for. A good (very general) rule of thumb is that you should have half of the resale price of the house saved up for repairs before you buy it to flip it. I highly recommend that you don’t plan to fund house repairs and upgrades with your credit cards.
From homebuyinginstitute.com
-quote
Tai's formula was simple. She located houses that needed only cosmetic work, avoiding those that required structural repairs. She did all the painting herself, inside and out, and updated the home's lighting, plumbing fixtures, and carpeting. Once renovations had been completed, all three houses sold quickly, and at a significant profit.
-endquote
How much money you should sink into a house you’re planning to flip depends on how much you paid for the house originally and how much you think you’ll be able to resell it for. A good (very general) rule of thumb is that you should have half of the resale price of the house saved up for repairs before you buy it to flip it. I highly recommend that you don’t plan to fund house repairs and upgrades with your credit cards.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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