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If so what are you looking for when you buy and how much is your target profit when you sell? Mother in-law is a realtor so she sends me all these damn houses to look at and the other day really got the wheels spinning that I could probably make some coin if I was willing to take the risk.

i.e. 3 acres 2276 sq/ft 50K... I would think worst case (doing 90% work myself) 80k total investment no reason this place wouldnt sell for 150+ easy without sitting on it long.

Again just thinking out loud and curious if anyone has better insight on this. I can do most of the work with ease and have family or friends who own businesses to do what I cant.
 

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I did it with success, personally I look for houses in the “sweet” spot of the market in the particular area.
If the majority are selling for $200,000.00 I consider that in my purchase.

If you buy one for $75,000.00 and put $25,000.00 into it and nobody is buying houses in the low 100,000.00 range you would sit on it longer than a house at where the market is hot.
If you are in it to flip only then far better to make $20,000 on a $200,000.00 home and sell in 30-90 days than make $40,000.00 and have to wait up to 6 months in my opinion ( I may sell 2 in 6 months in the sweet spot), so faster return on my money to re-invest (my money is working for me not me working for it).
 

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If so what are you looking for when you buy and how much is your target profit when you sell? Mother in-law is a realtor so she sends me all these damn houses to look at and the other day really got the wheels spinning that I could probably make some coin if I was willing to take the risk.

i.e. 3 acres 2276 sq/ft 50K... I would think worst case (doing 90% work myself) 80k total investment no reason this place wouldnt sell for 150+ easy without sitting on it long.

Again just thinking out loud and curious if anyone has better insight on this. I can do most of the work with ease and have family or friends who own businesses to do what I cant.
flipping is hard to do right now,especially if your money is tied up in it... it would be easier to put someone in for a work for equity... PM me for more info...
 

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If so what are you looking for when you buy and how much is your target profit when you sell? Mother in-law is a realtor so she sends me all these damn houses to look at and the other day really got the wheels spinning that I could probably make some coin if I was willing to take the risk.

i.e. 3 acres 2276 sq/ft 50K... I would think worst case (doing 90% work myself) 80k total investment no reason this place wouldnt sell for 150+ easy without sitting on it long.

Again just thinking out loud and curious if anyone has better insight on this. I can do most of the work with ease and have family or friends who own businesses to do what I cant.
Just cars at this point (damn curbs)!...
May look into houses soon!... :smt102
 

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Pull comps and see what houses recently SOLD for in that area. You need to be able to sell your house for less than that in order for it to go quickly.

Then you need to figure out what it'll cost, what you'll put into it(prepare to go over budget too), and what you'll make on it. If you can do it, sell it under market value rather quickly and make 30k or more, it's a good deal.
 

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I just bought a 4 BR in Titusville for cheap, now I gotta sell the ranch in Lake City soon or I get to play landlord!

Much more money in flipping houses 5-8 years ago, but still doable.
 

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The Capital Gains Tax will be 35% if you don't hold for a year,,17% after a year


We have been looking into this , If anyone wants to send me some info email to

[email protected]

I may be looking for a partner. LOTS of good buys down here and within good driving distance to either coast or Disney.
 

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I do it all day everyday. Good advise posted above. Three factors: 1. What you pay 2. What you spend 3. What you sell it for. Don't pay attention to those TV shows. They don't seem to factor in little things, like closing costs, carrying costs, taxes, insurance etc., closing costs when you sell, transfer and recordation taxes, commissions. When you look at a house, always check for termite damage and rotten wood, lots of rookies skip right over those things. Also make sure foundation is in good shape. I buy them all the time with severe structural damage, but I know what I am doing and I budget it into my costs.

When you find something to buy, have you agent run comparables (comps) on what you will have as a finished product. You are then concerned with listing price vs. selling price, amount of closing costs paid by seller and very importantly days on market(DOM) from the day it listed to the day it sold. If it will realistically take you 300 days to sell, then you need to figure that into your carrying costs. You also need to have a "sell it now" price in mind or a "what can I rent it for", amount in mind. Always have a plan B.

Also, spend a few dollars more on finishes. I always do my houses a little nicer than the competition and price right with them. I am almost always the first to sell.

a profit of 15-25% of selling price is fairly typical in my market area of Washington DC.. Sometimes I make more, sometimes I make less.
 

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