Flipping a 10k house In Saint Louis mo st.louis missouri

[Ben Gibson]

Hello all,

I am in the Saint Louis MO market. I was speaking with a gentlemen who flips houses and he said that he never pays more than $10,000 for a house that he is going to flip. He says that he puts between5-10k then sells them for 40-70k. Has anyone had any experience flipping in the "worse" neighborhoods around here. This is my first flip and I have a lot of construction experience. I have no problem with doing the work. Additionally I own a business that fixes structural/waterproofing in basements. Is this a good idea for my first property?