Updated over 8 years ago on . Most recent reply
Good start? First flip
I bought my second property six months after my first, the first one's not done yet. But the second one I bought from my uncle for a dollar, Had fire damage. I'm getting close to having the second one done now. I've had it about 6 months, I've done all the work myself. remodeled the kitchen, knocked couple walls out, remodel the bathroom, turned it from a three bedroom to a two bedroom, put all new Plumbing and Electric in it, new Windows & Siding and ran all new duct work. It has a full basement that I thought about finishing not sure if it's worth it or not, it's not in the best neighborhood. since I'm unable to get a loan I put all material on credit cards. I can't find any good comps for the area I found anywhere from houses selling for 10000 to 80000. I'm expecting to resale for around 45 to 50, I've had the neighbors say I should get around $75. Of coarse I'm behind on books for the year,but I'm pretty sure I have around $27000 in it. I figure it's one way to get started.