If I try to flip it first (my first option at this point) my house will cost me between 70-80, repair costs of 15-20 with a sales price of 120-130 with a worse case scenario 6-month turn in the area I'm looking.

Can they handle all kinds of repairs?

If you've got bad credit, you can repair it, but if you've got none, you'll need to build some.

I have found a person who is in default of their loan, around 3,500 behind in payments, have a 102,000 balance to the bank, and i'm pretty sure the house will sell for 160,00 once its finished.My uneducated guess would say the repairs would take less than 10,000 to complete.

Comps, repair costs, you name it.

This individual would view the homes (these homes go fast, must be available), get estimates/oversee repairs & do some repairs.

I'm in Brooklyn too, Brooklyn is so unique in that you can buy anywhere and build condos, for example, Third ave. used to be only car repair shops, now they are building many condos...There is alot of money to be made out here still.

The cash flow possibilities are quite amazing and endless.After debt service, property management, property repair fees and vacancy loss, you should be able to cash flow at least $400/month.

hmm... a few useful bits of info from what I've learned so far without copying the entire fix and flip page from my website:An ideal place to start looking might be in neighborhoods that are in the 25-35 year old range; basically where houses are outdated but still hopefully in good structural condition.With this kind of unit, you can focus on some of the more basic, value-added repairs such as paint, flooring, landscaping, and other basic finishing touches.

.- Flip a single family house with NO MAJOR REPAIRS.