Flipping Brownstones

[Rick Jones]

Hi Everyone,

I have been looking for information or stories about investors flipping multifamily houses like brownstones in major cities. These would represent much higher end flips compared to standard SFR but would yield much more also. For example buy a outdated brownstone for 1.7 million, renovate for 200-300k then sell individually or as one for millions in profit. The principles are largely the same though. Buy low, renovate and sell. Granted, larger down payments are needed but I would rather raise $200k for one large project down payment than have multiple smaller SFR projects ongoing.

Has anyone had experience with this?  I may expand my direct marketing to include Boston just to feel out the number of owners who might be motivated.

Thanks

Rick

[Richard C.]

I grew up in Boston.  There are not 10s of thousands of Brownstones.  There are not even 10s of hundreds.

But yes I take your point about scale.

The flip side is that if your one million dollar project goes sideways, you're in trouble, where if one of your 10 $100k projects goes sideways, you could be OK.