$6k House?
Let me begin with a bit of a disclaimer haha: I am mostly interested in buy and hold, and know very very little about flipping. Also, I know there is a negative connotation with super cheap properties. Ok, disclaimer over.
I am currently closing on my first property, and I'm already trying to figure out how I can come up with the funds to purchase property #2. Why not flip a house? I know of a $6,000 house that needs a lot: complete heating system, all windows, not sure about the floors or plumbing, but for the sake of argument let's just say it needs a whole lot of stuff. But even if I had to put $60k or $70k into it, then turn around and sell it for $125k...why wouldn't I want to do it?
So I suppose the question is, should I be afraid of a $6k house? It is in an ok area, and I'm confident that I can get the work done. Ignore the fact that I would be a first time flipper, I'm more focusing on the fact that the house is so inexpensive. Too good to be true?