House flipping in Houston

[Holly Garcia]

Hi everyone, I'm new here! Im currently seeking advice on house flipping. But I'm wondering how bad it is competition wise because it seems like everyone and their mother are rehabing homes these days. I currently own my home ,nothing owed. I inherited from my grandfather and have lived here 4 years and I feel ready to sell and I'm thinking of using the money to flip houses. I know to do my homework and watch out for floodzones and I have alot of other things to learn aswell . But I'm wondering wheather or not its worth it to rehab homes. On paper the numbers look so good. My husband and mother in law both work in construction and remodeling and are able to get materials for discount prices and we wouldn' have to hire anyone to do the work. Nor would we have to finance anything. This is how I'm looking at it. Buy a house for 45k 50k ( I have found many in this range in need of major repair) put in 20k/25k in materials repairs and then sell for 150k ,170k. So on paper the turn around looks great but are there already so many people doing this that I should take a different direction?