If you can not stand to loose some money you should not be geting into building spec homes. 4) As you seem to have no track record it will be tough to figure the total cost of a project... hence you will not know what your profit margin would be and what your downside could be if the market turned on you.The beaty of flipping is that once the place is renovated you can rent or sell.

What you need to do is search hard for a good deal and then figure out how to get it done.My first deal was a 5 property package from a Mortgage Banker.

Could you help me figure a number out to charge.?

Question2: how do the $3000 in closing costs figure into what you said?

I figure this is as creative a way to finance property as there is, so I'm posting it here.

. $1,000 an hour is a very realistic and easily attained figure for working this business.

If someone could just help me to figure out how to get the money.

So I figure I might as well get quotes for all the work I need to do and determine if I can make a good profit after that work.

This will help you develope your RE business, help you figure your market, network with others, etc.

If you are inexperienced (as we are) about the costs of developing land, even just putting a house on the land, you might look for good resources to figure out if it'll be worth your while, but after you do some homework, you should be able to know how much to pay.