Updated over 5 years ago on . Most recent reply
Possible fix and flip
We are new to this and have not done anything in real estate before. I’ve been watching bigger pockets off and on for 9 months but still feel clueless. We have looked at getting a loan to buy our first home and we were only pre approved for $150,000 and that only works for certain quality homes. I found a home that is priced at $285K in a really high end neighborhood (like I felt out of place driving through there it was so nice) and another home of similar size just down the road is listed at $695K. The home at $285K needs a paint job and some interior remodeling that wouldn’t be too difficult and would bring the value of the home up to around the homes around it. To me it seems like it would be an easy $200K or more of profit but how would it be possible to buy it? Is there a different type of loan we can try? Our credit is great but we don’t have a very high income and little to no down payment. What other options is there or do we give up on this one and look for something else?
Most Popular Reply
@Sara Rush
Check out the ultimate guide on rehab costs by J Scott and also find a realtor who knows your "farm area" and can help with ARVs. There's also a Fix and Flip Calc and a BRRRR Calc on the website you can use.