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Goodness no, don’t just jump in. You need to do research first. Cost of house + renovations + expenses (for the duration of renovation like insurance, interest, utilities, property taxes
What do the comps in the area support for selling price
What materials/finishes are selling in your area and can that fit into your budget.
How are you doing the renovations? Yourself, hiring a company? If hiring, can you partner with them to lower expense but lose some profit?
Subject Expert
If you have to ask these questions, you probably will lose money with your first few attempts. The golden days of flipping are long gone….
Your best bet is probably to partner with an experienced real estate investor / developed. You bring the capital and they bring the experience / knowledge. You may yield lower returns, but lower returns in the positive are better than 100% of the losses from not knowing what you’re doing.
In the current environment with high interest rates, high prices, high labor costs, and low supply availability, it takes the perfect scenario to be successful right now.
It is extremely tough. Just lost an offer on a fixer upper that got 56 offers! It was a total dump.
OP - I'm not joking, watch a few episodes of flip or flop. Its not all accurate but you'll atleast see the process. You are asking very basic questions meaning you have a lot to learn. Do not just jump in specially in today's market.
Figure out your strategy, do you want to buy and hold (rehab and rent) or fix and flip? There are youttube videos that explain how to run numbers. Then use redfin or zillow to begin your search.
You definitely need an agent to help navigate the buying process.