Getting started in Flipping/Rehab
I have recently found a property which I feel would be a great house to get started and learn how to rehab and flip. the property is valued at 140,000, after rehab, it needs very little rehabbing....it is currently being sold for 115,000 - however, I've been told me that the owners just want out, and are willing to take $92,000, they are not looking to carry anything, but want to be cashed out..... $18,000 to rehab, it would take about 30-45 days to rehab.....which then could be listed at about 145,000. I would then list it on the market at $145,000, which is a little higher than its worth. This property would net about $25-30,000 profit. Does this sound like a good idea for a first time flip, any suggestions?