There was more room for error in those numbers a year + ago as you could sometimes count on slight market increase in the ~3 month span during a flip if you went a little over-budget.A good rule of thumb for getting into a flip in a market where it looks to be shifting is to take the maximum % of shift you think might occur during the span of your flip, and make sure that is your minimum profit margin.

Thanks for your feedback and providing a rookie some guidance!

How would i find a distressed house in or near Stafford VA.

$150 cash flow is low for something that costs $100k... not a lot of margin for error.

You want to find an accountant that specializes in rental real estate—I recently found an error my cpa made for the past 12 years.

So at that purchase price and ZERO down (80 bank/20 seller) your after debt service income is something like 5k, which leaves very little room for error, one major roof issue or other capex event and you may be in trouble. 

This sounds scary to someone new, but really, trial and error.

They were billing me for 2 months because they said there was an “error” due to my bank.I called my bank, there was no error.

I click on the link with that information and an error pops up so I have to call their help desk on Monday.

Good afternoon all,     My name is Matt. (I apologize for the lengthy post.) A couple years ago, I was in a crappy call center job(I now work for AmEx) with no sense of what I wanted to do with my future. I was visiti...