What type of Unit would you recommend for a First Time Flip

[Rob Rey]

I am trying to pick a property, with the hope of fixing it up a bit, then selling the property shortly afterwards for a profit.

What type of unit would you recommend a new investor with limited handyman ability get involved in for his first attempt at Buying and Flipping ???

Buying , Fixing, and Selling, 4 month time frame, (I hope)

I am not a handyman, so estimating repair cost is a reach.

A poster on this site suggested to use the $5K rule to estimate repair cost

5k to fix/update any major house component.

Half that for a minor componet.
5k to cosmetics (carpet, floor, paint, fixtures & covers, minor landscaping)

So a cosmetic fixer that needs a bathroom would be 5k to spruce up and 5k for the bathroom.

The Condo needs a lot of work, but is located in a great location,
a desirable complex with only 4 Units, and more importantly No Condo fee,
which will keep holding cost down.

Unit is pretty trashed, needing just about everything.

Kitchen, Bathroom, Walls, Doors, Carpets, Appliances, the whole works

I think the Condo could sell rather easily for $105,000 possibly more all fixed up.

Figuring $60K to buy, $20K to bring Condo up to mint condition, minimal holding cost, does this Unit hit the Buy and Flip radar for a first timer ???

Very new and inexperienced investor, but I'm trying to get a start somewhere.

Is this a border line call ?

In today's market, is a border line call a pass ?

Last buy not least , what type of unit would you recommend a new investor with limited handyman ability get involved in for his first attempt
at Buying and Flipping ?

One Poster here mentioed he wont get involved in any Unit that needs more than $5K worth of sprucing up .

Do you think that might be the way to go for a first timer ?
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So, to sum this up, what type of Buy and Flip type property do you think a Virgin like wanna be flipper should get involved in ???

Capital for the first flip is not a problem, but if I screw up the first attempt, I will be put out of business, if you know what I mean.

If I screw up the first attempt, I will not get a chance at a second attempt, so it's important I pick the right Unit to Flip, and succeed.

Is a total interior rehab unit, a bad place to start ?

Note: Holding and Renting the Unit is out of the question.
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