How do you decide which house to buy and flip?

At the end of my last post, I mentioned that I planned to reveal a house flipping Technical few people understand. Before I reveal this technique under-utilized, we'll talk about how to make the decision to buy a house for flipping. Currently in your hometown I guess there are several houses for sale . In fact, just down the street from me, it is a small house with two bedrooms that has been on the market for about a month.

The owner's family who died on selling. I have been watching closely to see what kind of interest there is in the house. far, very little interest, I have witnessed two people on the tour of the house with their realtor . So I called a realtor friend of mine two weeks ago now, so that I too could see inside. This house is a perfect "flipper". I do not have the time or I would have bought it already! Why is it like?

First, the bad on this property, nobody seems interested. And my opportunity to see inside, I know why. Kitchen and two bathrooms are outdated. The rooms are small. The basement is dark and damp, with no exit. And finally, it only has a 1 car garage. 's house are some good things though. Kitchens and bathrooms can be easily emptied and renovated. Hardwood floors, in very good condition in the living room and two bedrooms. The roof is new in 2006. Siding is in good shape too. I also took a look at the service panel and I could see that the house was re-wired and code.

Put one end in the basement and it could easily be a 3 bedroom two bathrooms home. Asking price for this home is $ 95,000. My contact numbers is that $ 10,000 is too high, I think more like $ 15,000. But we agree that it could easily sell for $ 125,000 after repairs. Lets say I offered him $ 82,000 for the house. Put $ 12k to $ 15k in renovations and sold 125k $. I could potentially make $ 25,000 to $ 30,000 Now back to my question, how do you decide which house to buy and return? Given the example above, for me, should I buy this house.

I have the knowledge, expertise and contacts to make repairs and make a ton of money. And the answer is, in my opinion, if you're willing to do the work yourself then buy the house you plan and return. It is true that you can still make money when hiring the work done by contractors, but not nearly as much.

It is true that there is more to the equation than my simple example below above. My goal was to illustrate how not to make your decision complicated when buying houses to flip. Decide in advance what your house flipping business plan will look before buying