Updated about 7 years ago on . Most recent reply
To buy or not to buy - first flip w/pics
I have an opportunity to buy my first flip — off market house from an elderly person moving into assisted living.
The home is in immaculate condition, like a time warp from 1960.
The price would be 160k, rehab for ——, then selling would top out at 200k or less. The profits would be split as a partnership.
Is this worth it to try as a first deal? I don’t see me losing money by just doing cosmetic improvements but it’s not going to be lucrative either. What would you do?
Most Popular Reply
The best deal I did this year so far was a very similar condition (old guy moving into assisted living center).
If the numbers work and you can get the deal done, it's probably not a bad deal.
One thing to remember when dealing with time capsules - an enormous amount of building codes have been adopted since the 60's, so you would do well to get a good GC that works on old stuff to come and do a walkthrough before you get too far.