Updated over 5 years ago on .
LARGE projects advice
Hello BP fam,
I was wondering as a general rule of thumb, how many flips would you suggest a new investor finish before taking on a major rehab project.
I came across a property on the MLS that is going to auction soon. It was a 1960s build with holes in the roof, severe mold and wood rot damage. Considering its age there is of course the possibility of lead and asbestos. Since the property is in Florida I would also assume foundation issues.
To say the least, this project is a HUGE undertaking that I wouldn't feel comfortable tackling yet. Which brings me back to the question. How much experience in flipping would you suggest before taking a risk on a property like this.
(side note) The property was listed on MLS for 33k and the comps for the area were about 160-180k.
As always, thanks for your time!