All Forum Posts by: Brandon Wu

Thanks Brandon, I must say you keep a good tab on replying to all these people. I will get on the photo as soon as I have some professional ones taken!

Thanks,
another Brandon

Mike G. Very interesting insight, I thought inspectors would be a cookie-cutter profession where each have the exact same process/checklist. Now I'll make sure to screen them first, Thank you. May I ask what "issues" you encountered with your first condo flips?

Brian Burke Seems like you've read between the lines and hit the jackpot; I didn't realize that was my true intention until you pointed it out. Your post is extremely helpful in helping mitigate the risk of a house flip, which is what I am looking for in the end. You didn't go too off topic at all, in fact I believe you did the exact opposite. Thank you.

Raymond B. Thanks for sharing! I will mark it down on my personal list of tips. It's always great to hear new things like that which are not the re-occuring tips in all the guides/blogs,

Levi M. No problem, its all thanks to the people that posted above you like Brandon, Mike, Brian, and Raymond! That is one of the main reasons why I wanted to start this thread. I have seen many resources referring to the definition and tips of fixing & flipping, however I have not found any yet that outlines the realistic pros & cons of each property type (in general). If we can get this thread going and compile a database of each persons real life experience with each property type, I believe it could help all of us learn at least 1 thing more (which could lead to 1 more successful flip)

So far it seems like if I do a basic cosmetic renovation, and have a competent inspection with reinforcement, many of the risks with houses is mitigated. Does anyone have any tips for renovating town homes?

As usual, please join in if you're reading this. Anything added would help us all.

Thanks,
Brandon

Hello everyone,

I am a 19 y/o entrepreneur interested in Real Estate investment (specifically fix & flips, and both residential/commercial development). The end goal is to form a developing company, and in order to achieve that I am planning to gain experience and capital through fixing & flipping real estate. BiggerPockets has been a great source of information time & time again, I thank you all for sharing your insight and experience without charging $4999 for a audio CD and manual w/ typos left, right and bottom.

This is my first real estate endeavour (other than selling condos for a developer), so please pardon me for my lack of knowledge. To get started, I have recently been on the pursuit of finding out the pros/cons of fixing & flipping different property types. IF you have knowledge/experience/insight, PLEASE come share it at http://www.biggerpockets.com/forums/67/topics/92686-pros-and-cons-of-fixing-and-flipping-different-property-types?page=1#p5783

Thanks,
Brandon

Thank you Mike & Brian for the replies. The reason I ask is that my team is looking to do our first rehab and flip deal and we are looking into specific property types to target (as beginners).

We would like to do a small single family home, however are worried about the major "unseen" problems that may arise such as plumbing, electrical systems, HVAC, etc. Can all these major issues be mitigated by using professional inspectors? Or are there usually issues that you still cannot detect until you rip down a wall?

We like the condo fix & flip being limited to basic renovations such as hardwood, countertops, paint schemes. However, from the resources I have read across the internet and here at biggerpockets, it seems that the politics (w/ condo boards, bank financing, reliance on other units) make it more of an undesirable property type for the rehabee.

I can't expect anyone to answer the general question if homes are better than condos or townhouses, because like you said Brian, it all comes down to the specific deal. However, what I can hope to get answered is the normal pros and cons of each property type (for rehabbing) so I can get started in the right direction and be an educated investor.

Thanks for all your patience and involvement, hopefully this can provide more insight to my methodologies.

...And if you're reading this and haven't joined in yet, please share your insight!

Cheers,
Brandon

Thats a very good point, thanks for your insight Brandon. Hopefully this thread can get going. To start, this is a brief overview of what I have gathered thus far:

Condos:

Pros
-Low Risk (big expenses are covered by reserve fund)
-Low cost
-Easy to rent (multiple exit strategies)

Cons
-Low Reward
-Hard to find deal that are worth it
-HOA or Condo boards can be a pain (regarding all aspects)
-Directly affected by any/all units in property
-Susceptible to changes regarding condo fees, bylaws, and management.

SFH:

Pros
-Autonomy
-Easier to find deal/larger spreads
-Can be unique, fate does not rely as heavily on nearby units

Cons
-Much higher risk of large issues (plumbing/mould/structural)
-More square footage (on average) = Higher cost for both property and renovation

...Now this may be all wrong, but if any of you have any insights to add, remove, or add for townhomes or MFH please join in.

Till then,

Brandon

Hey everyone,

New here to bigger pockets, tons of knowledge here. I have been searching for a while now, but still always on the search for more info/or anyones personal experiences. If this has been done before, my apologies; but if not, I hope this can benefit more people than just me:

I'm looking for the pros and cons (in your opinion or from your personal experience) of fix & flipping each property style, such as condos, townhomes, SFH, MFH, etc.

Thanks all