Home Buying in USA>Question Details

Zenobie, Home Buyer in Nyack, NY

House flipping in NY/NJ/CT/PA

Asked by Zenobie, Nyack, NY Wed Sep 26, 2007

My friend and I are interested in buying foreclosed/low priced homes and flipping them. Since the market is slow/bad I would ask a more reasonable price for the home. Ie. If I buy for 50K foreclosed I would ask 100-125K. This way I could save money for a down payment on a house for me to live in for the future. Is this wise nowadays?txs

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I am interested in selling my house in Sussex/ Morris County area. tI has 4 bedroom 1 1/2
bath, LR,DR Family room laundry room 1 car garage that needs repair. Are you a company that buy homes?
0 votes Thank Flag Link Fri Sep 7, 2012
You should talk to a Realtor in your area, especially one that is familiar with FHA loans. I believe that the FHA put a clause in their loans prohibiting the purchase of a flipped house within the last 12 months? For the price range you mention, this would directly affect your target market.
0 votes Thank Flag Link Wed Sep 26, 2007
- Are you willing to work for about $15 per hour?. That is about an average of what an experienced house flipper makes in the real world (not TV)

- Amateurs make less, because they might make rookie mistakes like doing the wrong upgrades, taking too long, leaving out an important repair, paying too much for financing, labor or materials, or even the fixer house itself.

Then there is the search time. You have to analyze several dozen properties in order to find one that pencils out to make a profit. It is hard work, not a get quick rich plan.
0 votes Thank Flag Link Wed Sep 26, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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