thinking out loud on how to do this

[Scott K.]

Hello flippers

I am trying to get a good plan on how to do some low cost flipping. I need to have a good plan to show the wife I am dead serious about this.

I am outside of Detroit. In this area you can buy houses for under 10k.

I am thinking of just always doing the same thing to these houses.

1. white kitchen cabinets, with laminate counter tops with the 4 inch back splash. And have it just be paint until the upper cabinets.

2. Put in all used stove, fridge, dishwasher. Hell I can get a used dishwasher cheaper than a 24 inch cabinets will cost. Women will always love a dishwasher. All white they must be white.

3. same type of carpet or flooring.

The price point I am looking at is either 24,900 or 29,900 in these areas.

Try to never ever move a wall unless it is real simple.

either find a house that has a decent roof or newer windows. Will not be able to find both at that price.

Have molding on all the doors and windows. This something that I am good at so the cost will be materials.

If it does not sell the 1st 2 months rent it out and sell it as an income property with tenants already there.

So how does this look

[Tom A.]

At that price point you'll have to find cash buyers. Many banks won't do, or make it prohibitively expensive to do mortgages that low. Land contracts from investors to owner-occupants are basically dead in Michigan.

The good news is that a lot of buyers in today's market are flush with cash. The bad news is those that have $29K cash aren't looking to buy a $29K house. The cheapest flip I'd do in metro Detroit would be in the $100+K range.

You'll be stuck with these as rentals, for yourself or as turnkeys. Not that that's a bad idea, but don't look at this as a standard flip strategy.