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Updated almost 7 years ago,
Free house, possible to make profit?
so basically I am looking for my first deal. Found a house that looked like it was half way flipped with a for sale sign. Called the number and a lady answered, she said her husband had a heart attack and can not finish repairing the house. There is a new roof and some new windows. The inside is completely gutted and some damage.
She originally wanted 8k to atleast cover the cost of the roof but I told her that I can’t pay that with the state the house is in. I told her I’ll take it off her hands so atleast she won’t have to pay property taxes.
I talked to the neighbor and she said the area is pretty good. Lived there since she was a kid and never had a problem or had anything stolen. I would say a house in good condition could sell for 80k in this area.
I have some basic construction experience so my main concern is getting the electric plumbing etc. Siding also needs to be put on the outside of the house. Does anyone think this flip could be done for less than 25k?