What should my first flip be?

Question

Hello everyone. I am trying to flip a house. My first flip. I have looked at a couple of houses that have been really distressed. I just recently looked at a property that was not distressed but rather outdated. It was really kept up with but still had original everything from the 70s.

If i upgrade the kitchen and bath and "modernize" the floor plan would that increase the value of the home and is it worth doing these type of flips or should i stick to trying to look for a really distressed property?

Steven Foster Wilson · Answer

You are asking a very vague question about a subject that literally has dozens of books written about it. I would highly recommend reading "The book on flipping" if you have not already

- Look at comps in the area

- Look at what buyers in the area are looking for

Zach Westerfield · Answer

i would recommend the "update only" for your first flip. What sort of experience do you have? other renovations or construction management? In my opinion, the best deal for a first flip would be something build post 1980, that just needs updating or minor repair. There is usually less unkowns that show up on these properties. good luck!

George Rodriguez · Answer

@Zach Westerfield thanks. Im pretty handy and have had my own handy man business for 3 years now. But ive been doing odd jobs here and there for about 20 years. Ive recently learned that to scale my real estate business i would have to step back and not do the repairs myself. So i dont plan to do any of the work just manage it. My gut is telling me to start off small with an update but my pride is saying to go with the falling down condemned house. I will start off small thanks for the input.