Is this a bad first buy?

[Michael Lugo]

This house is completely gutted. Needs electrical, plumbing, walls, paint, appliances, trim. The only thing the house has is framing on the inside. Is 3700 square foot house. Three floors. How much do you think all this work might cost to renovate?

They want 75 with a 203k loan so it includes about 30K extra to help pay for rehab.

Will it cost too much to fix this?

[Gregory H.]

for your first foray into real estate, you are looking to do a gut rehab on a 3,700 square foot home with limited financial resources ... this will be a disaster, you will lose the home, and you'll never go back to real estate. Start off with a smaller rowhome in need of a cosmetic renovation, if that. If you get experienced, maybe tackle a project like this, but honestly, I know full time flippers doing millions of dollars per year that would never touch something that large, too much concentrated risk, too many things to go wrong.