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Updated over 16 years ago on . Most recent reply

User Stats

66
Posts
1
Votes
Joe Guz
  • Renter
  • buffalo, NY
1
Votes |
66
Posts

my first flip...Im pumped

Joe Guz
  • Renter
  • buffalo, NY
Posted

Well, I usually only buy rental properties, but I wanted to try my hand at flipping. I found a 4 bdrm, 2 bath property 1450 sq ft for 31k. The bank was asking 54k but it was on the market for a while(3 months) and I got them down. I plan to put 19k into it for a total of 50k invested. Comps go from 80-100k, however my house will be on the lower end(80-85K). needs-
roof
windows
flooring
paint throughout

The good news is I just got done rehabbing one of my rentals (i held on to it though) and this house is almost identical so I know where to get everything and I have a great contractor. Now, here is the question. It was originally a double--converted to a single. In your opinion/experience, is it easier/more profitable to sell a double or a single. I originaly thought Id convert it back to a double, rent it out, and wait until the market turned around to sell it.Any tips apreciated

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