New to real estate investing
Wanting to invest in real estate in zip code 75013. Looking for property less than 500K and 4000 square foot + that I can update and flip. Any ideas would be appreciated
Hi Sam, just stepping through this with you a little bit. In 75013, the average list price per square foot is $155. At 4,000 square feet thats $620,000. which means you're looking for at least a 20% discount. So if you buy it at $124 sqf. and you're rehab costs you $20 per square foot then you'd be at $580,000, plus extra fees (commissions, closing costs, mortgage, etc. etc.)
I'm not flipper in that market and it also depends greatly on the property so I can't say for sure where you should be aiming, but if you're simply looking for inventory at a great price, find a reputable wholesaler in that area and see if they have any deals.
Good luck!
Thanks for the reply! Great thought process!
No problem! Check this out too. https://www.biggerpockets.com/house-flip-estimation-calculator
Here is one you can look at. Seems like a perfect house for a flip with minimal updates that seems to meet you requirements
https://www.zillow.com/homedetails/1205-Windmere-Way-ALLEN-TX-75013/83758762_zpid/
Wow! Thanks Ho! I will review it.