Foreclosure in 60030>Question Details

Roi, Home Buyer in 60030

Is now a good time to flip a house paid for with cash?

Asked by Roi, 60030 Sat Apr 14, 2012

I'm considering purchasing a foreclosed single family home and make all improvements with cash in a neighborhood where a home next door was sold just last year for over 100% of what the bank is currently asking. Before proceeding, I obviously plan on a home inspection and assume improvements will cautiously be estimated at 50% of the asking price, but what else am I missing? It seems too good to be true, but is this a good time to invest in an area where home sales are at an all time low? Thanks for the help all!

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6
Roi

Did you attempt a purchase for flipping?
0 votes Thank Flag Link Sun Mar 31, 2013
Absolutely! Now is a great time time buy a home with cash, and flip it. I finished such a deal. Investor purchased for $58,000 put in $20,000 and it is closing next week for $154,000. Whole process less than 3 months!
This is happening over and over again. This is the best investors market I have seen yet!

good luck, Jim
0 votes Thank Flag Link Thu Jun 7, 2012
if you want to flip a recently purchased foreclosure, makes more sense to establish a line of credit with a funding source and not tie up cash in one deal at a time. its all cash at closing table, so don't get what you think you gain by buying a foreclosure with cash. And to flip it, why so you can buy another foreclosure? Now if you want to buy with cash because you cannot get a mortgage, why would you want to flip it? buy and hold and rent or live in makes sense. Deal with one agent, and get specific info and help.
0 votes Thank Flag Link Sun Apr 15, 2012
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0 votes Thank Flag Link Sat Apr 14, 2012
I won't give you investment advice, but if you pay a low enough price any property could be a good investment. The key to flipping is to determine fair market value after repairs with the help of a real estate professional or look up comps on your own, subtract repair and holding costs, and then account for your desired profit and you can determine the highest price you should be willing to pay for a property.
0 votes Thank Flag Link Sat Apr 14, 2012
Now is the time to buy and hold.
0 votes Thank Flag Link Sat Apr 14, 2012
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