Doing very little work on a flip?

Question

As I was browsing the MLS looking for deals it suddenly came to me, and this bight light bulb started shining inside my head with this amazing idea.

Instead of buying ugly houses that need tens of thousands of dollars to fix up, why not buy a decent looking house that only needs maybe a few thousand to fix up and make a slightly smaller profit within a shorter time span?

Like I'm looking at a property right now that has a beautiful inside, nothing needs to be done to it and the asking price is 100,000 dollars. But, the outside has a cheap vinyl siding layout. I was thinking if all I did to that house was add some expensive looking stucco on the outside and made it look more modern, I could probably sell it for thousands more and probably do it within a week.

Why should I have to make flipping a house a major task? I could just do a few things to a decent house and be done with it.

Am I wrong? Is there anyone out there that is already doing this already?

Matthew Paul · Answer

Factor in closing costs and real estate commissions and that few thousand disappears real quick . You make your money on the buy .

Natalie Kolodij · Answer

Everyone likes the idea of less work in shorter time frames.

The problem is some houses need lots more work than you find on the surface- and if you're playing in a small profit bubble you can end up at a loss really quickly.

And, houses off market that are super nice and don't need much work...likely won't be desperate to sell.

Valerie Hiscoe · Answer

I hate to chime in and burst your bubble as well but even without the closing costs, the STRESS of buying and selling can eat you up.  If it were as you say - everyone would do it - just like you're doing now.

Do your numbers carefully.  Use the calculator from the tabs above and see if you can make the numbers work.  Make sure you know the minimum amount of money you would accept making for the amount of work you're going to need to put in.

Chad Fernendaz · Answer

Yes you guys are completely right, I didn't think about that until after I posted. But lets say you got the deal elsewhere, then it would be worth it.

I like the idea of doing less work in shorter time frames

Doing very little work on a flip?

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