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All Forum Posts by: Felix Yang

Felix Yang has started 2 posts and replied 3 times.

@Aaron R.  appreciate the information, and i'll check out the book for sure.  I noticed you're in the Phx area.  Do you have any tips on how to find a mentor about the area?  

New to BP and the general flipping/rental industry.  Discovered this site just the other day.

Long story short, I have a 150K Equity Lien on my house that is untouched.  Looking to utilize it to get into the industry.  

Option 1:  Flipping - Family friend is a contractor, and has stated that we could buy a 100K house, and put in 10-15K worth of materials.  He would do all labor, and states that retail cost he would usually charge for what he can do, would be roughly 50K (Demo, Tile entire house, rehab bathroom and kitchen to 'luxury' level).  Meaning, we would be 115K into the house, but we would try to sell for 150-160, for a nice split profit.

Option 2: Found lots of condos (apartment conversions) in Tempe (college town) and Scottsdale for roughly 150K. HOA ranges from 150-300. This would be long term hold.

Any thoughts or pointers would be greatly appreciated.  I'm brand new to this world.

Post: Phoenix Area - To Flip or Buy Condo Rental?

Felix YangPosted
  • Phoenix, AZ
  • Posts 3
  • Votes 0
I'm Brand new to BP, and just discovered this wonderful community during my search of understanding the investing/flipping industry. Long story short. I have access to about 150K in Home Equity. I also have a very close family friend for over 15 years, that's a contractor. We've been talking about flipping together, I'd provide money, he is all labor. The Phoenix Market seems to be pricey, and I'm looking for a home around 100K, I'd get "at cost pricing" for materials per my friend. Meaning 10-15K, but all new tile floors, kitchen and bathroom remodels to high end stuff (friend says retail, it looks like a 50K upgrades). Then putting it on the market for 150. It seems simple, but with research, nothing seems simple. Other option would be just to buy a condo in Tempe or Scottsdale, and rent it out and hold for long term investment. Could I get thoughts on the above if this is realistic? Also, any tips on how to find a mentor in the flipping business? Regards!