Hello again all.
I have some equity in my home and want to take it out and go after my first flip.
Is it a good idea? Any advice you can give me when it comes to this process. I will be partnering with a contractor so he would be responsible for the materials/labor and I'd be responsible for purchasing the property.
It depends. The average Fix & Flip in the USA takes 6 months from purchase to closing the sale after the flip. The average Gross Income is $67,000 per flip. After you subtract rehab costs, carrying costs, closing costs etc - the average Net for a Fix & Flip after 6 months is $15,000.
Are you willing to risk your home to try to beat those odds?