Potential House Flip in Brooklyn, New York
Hey BP community, I'm looking into a potential flip in New York, and would love some insight from experienced investors. I'm looking to use a Fannie Mae Renovation Loan. The property is a single family home that is on sale for $179,000. I'm estimating renovation costs at around $150,000. ARV seems to be in the range of $735,000. I'd love to hear from those who have flipped in New York—what unexpected costs should I prepare for? Any contractor recommendations or lender suggestions for short-term financing? Also, how is the current demand for flips in the area? Any insights, red flags, or advice would be greatly appreciated!
Most Popular Reply
I would say if those are the true numbers, the place would have sold instantly already.
Purchase of $179k and rehab of $150k to get a value of $735k is almost unheard of.
Main red flag is that something else major is wrong with the property.