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Mentor
Flipping is not an easy game and given the weird market you should be careful. Personally, I wouldn't start doing it now.
That said, you should make / find a checklist. Important things to look for are major expenses (is the foundation good? Roof? How much work needs done-- light rehab or complete overhaul)
Then you need to compare purchase price to ARV (after repair value)
Build in 20% room in your budget for when things ultimately get discovered.
Mentor
Follow-up: for your first flip you should pick something easy. What you're looking for is ugly interior but structurally sound. Paint / Kitchens /floors are all really easy to fix and relatively cheap. Find a house that's in good shape just out dated.
Okay I'll check it out. This isn't something I'm 100% set on doing right now.. more like getting an idea for what I could possibly do in the next 5 years
Subject Expert
The fact that ugly properties are “hard to look at” is exactly why flipping exists. The average buyer will be put off by it, and that provides an opportunity for an investor to buy the house at a low enough price that they can renovate it and make a profit.
A lot of people get mad that investors are “driving up home prices” but the reality is that they are the ones kissing frogs when the average home buyer is looking for a prince 🤴
The people I know that rehab houses do it in the same county they live in. They want the ugliest house, so they can continue to improve their own neighborhoods. Plus they do this full time and have to drive to work every day.
Hahaha now I finally understand what you're saying. I thought you meant a rehab house.. like a rehab facility 😂
But yes, ive mainly been looking at homes in my city