To buy a condo to flip or not.

[Robert Burris]

I have been offered a chance to buy a Condo for 50000. The value is 92000 and it will be 10000 to 12000 to flip it. I have 20000 down and the credit union has no problem giving my LLC the loan. My question is even though this is a great offer I'm a little worried I'm moving to fast. I just finished sitting up my LLC and I just bought and flipped a house. I know it's a hard question but when is it to much risk even with a good deal.

[Jeff Bridges]

Originally posted by @Robert Burris:

Good thing I did my homework. The property is in probate and been there for a year and half. I worked with the guy to get it out but he is showing no ambition to get it done. I think he is hiding something or just lying. So I'm on to my next deal.

put a calendar reminder to check in with him once a month and see if he (or the probate process) may be ready at that time. It might have sentimental value or he's not invested in wrapping that up for whatever reason, but sometime in the future, he will be ready. Make sure you check the buildings sale comps so you can be very certain you'll get the ARV you are expecting from the flip. and make sure others have successfully sold recently in the building or see if there is something wrong with financials of the HOA. just something to keep on the back burner for later for future deals...