Quote: (08-30-2011 06:02 PM)thegmanifesto Wrote:
"low - medium sized renovations than can be done in 4-8 weeks."
I remember on here Dash, you once said you knew very little about construction work.
These "renovations" will be the eye opening part of your plan.
Good luck though, it is amazing to me that you can buy a house where you live for 40k to 70k.
A two bedroom condo costs 400k to 700k in my hood.
For people like me it IMPERATIVE that you find a recommended experienced contractor to work with. They will be your life line and will affect the project greatly. A good contractor can walk through a property and see what works needs to be done and calculate a general budget for the renovations. They can get quality work done fast and for a good price. Evaluation / Budgeting / Time are the main biggest factors in determining how much money your gonna make on flip.
The big thing for most newbs is determining what is a good investment and what is a bad investment. Buying a house for 60K thinking you only gotta do small cosmetic work to find out you have to fix the foundation can turn a profitable flip into a flip your gonna be losing money on or just breaking even.
For people that do their research and prepare there is tons of resources online that will pretty much guide you through your first couple of deals.
Haha I cant believe people pay 400K for a 2 bedroom apartment. You can buy a mansion for that kind of bread in my city!