Should You Start Flipping Large Or Small Projects
This question is one that on the surface may appear easy, but once you are into a project you might have chosen differently. Larger projects normally net larger profits so people tend to want to skip smaller ones and take a short cut. My suggestion is to start smaller before deciding if you want to take on the large ones. There are a few reasons. One being that if you make a mistake on a smaller project you can usually financially recover. A $30,000 renovation mistake might be $5,000-$10,000. If you took on a larger project where the renovations are $200,000, a slip up could be $20,000-$30,000. The profit be amplified, but so is the loss. The first rule to investing is to not lose money. You don't want to put yourself in such a volatile position that it knocks you right out of the game. Start small and figure out how you can improve. Work your way up to larger projects once you are fully experienced in the renovation process.
Ian Walsh
215.839.3271
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