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Updated almost 10 years ago, 01/28/2015
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Flipping an Older House
I have the opportunity to buy a 3/1 in an older neighborhood that is becoming a high demand area. The house will easily convert to a 3/2 and I don't see any structural issues. The property meets the 70% rule as I can buy it for $90-100k, I think it needs 30k in work, so lets assume $40k, and the comps suggest that it is worth about $205k.
I'm still concerned about buying a home built in the 1940's for my first major project. I don't have a ton of experience but I have bought and fixed up foreclosures for my last two primary residences and turned a profit on both after living in them a few years. What pitfalls should I look for with a house this old? As a relative novice should I stay away from a house like this until I have more experience?