All Forum Posts by: Tyler Dix

@Toby Chandler can you tell me about the mobile home you had? Was it a flip?

@Kris L. Having viewed the property, and even with it being as rough as it is, I would be surprised if it went as high as 25k for reno. I have run the numbers and I'm estimating in the 15-20k range, I'm currently trying to get quotes from contractors to back that up.

@Christi Hawkins I'm mainly using this project to learn, I wasn't even at the point of looking for properties to flip; but when I saw it pop up it looked really good and I figured, "even if I'm not prepared to buy it, I can learn a lot from it."

If I do end up moving forward with it, I definitely will check with a lender first, and I thank you for the advice, it's not something I would have thought to do.

@Christi Hawkins yeah that is honestly my main concern with this house, if I get it and the foundation wants to be difficult it can tank the entire project.

@Anthony Dadlani Thanks for the advice!

Hello everyone, and happy Saturday!

I viewed a property that I'm interested in tackling as my first flip. It is listed at $34,500 for a 3 bed 2 bath 1,288 sqft. This house is rough but I think it can definitely be flipped, and based off similar houses in the area I feel I could sell it for $70,000-$100,000 depending on how the renovations go and appraisal.

The issues:

- Almost the entire house needs to be gutted out, the only room that I might get away not tearing apart is the entry/living room.

- It's a double wide trailer on blocks that need to be leveled

- There are a lot of soft spots in the floor that makes me feel like I'll have to replace the plywood before I can even do the floors.

- The front and back porches have these makeshift awnings over them, the front one is sagging down, and both of them have nails sticking down from the shingles because the awnings are little more than plywood.

- The back deck has also started to rot out where the steps are that lead down into the back yard, so at least half of the deck would need to be completely replaced.

- According to the realtor, the roof on the front half of the house was replaced in the past few years but the back half was not.

- There is water damage on the ceiling in one room (back side of the house) and it has mold on it.

- I need to replace every appliance in the house.

Minor issues:

- There is a few landscaping things that need to be taken care of like overgrown bushes

- There is a chain link fence that runs around the back yard with a wooden privacy fence next to it. According to the realtor, the wooden fence is part of the neighbor's property but it definitely wraps around onto this property as well.

- Part of the wooden fence is knocked over onto the chainlink. The chainlink could be fixed easy enough, but the wooden looks very weathered and I think it would look much cleaner if the whole wooden fence was removed.

The good:

- There is a shed in the back yard that is in better condition then the rest of the house.

- The price is very low because of the condition of the house, so potential for a big profit if repairs costs don't get out of hand

- Despite it's rough appearance, it doesn't actually look like a complete dumpster fire that should be torn down, and definitely looks salvageable.

- The yard is in pretty decent condition and doesn't really need much work.

What do you think BiggerPockets? I'm currently running numbers and making phone calls but I wanted to post this up so I could get some community feedback about how feasible this deal is.

Thank you to all, and Happy Mother's Day!

@James Strider research the "2nd tier entitlement" on the VA home loan

@David Pere yes and I have a seperate fund set aside specifically for when these issues arise.

Great feedback, I appreciate all the advice I'm getting!

Say I purchase a home, flip it, and want to sell it. Is it possible to list it as a rental and a sale to optimize my chances of making money on it?

If so, has anyone had any experience doing this, and how did it go?

@Darious Byrd I've done some research on BRRRR and was pleasantly surprised at how similar it was to my original plan when i got interested in real estate.

Take a look at my other thread please and see what you think:

https://www.biggerpockets.com/topics/704497