Anyone here a house flipper?

>erotic stomach punching fetish

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I don't get why everyone isn't flipping houses. Buy a plot of land for a few k, draw up some designs, hire contractors and buy materials. Surely that can't cost more than 100k for an average sized house? Sell for a few hundred thousand. Do just 1 house a year and you're in the 1%. Why isn't every brainlet doing this? Am i missing something?

Isn't it super risky right now since the market is only going UP and UP and UP.

And I only have around 30-40k available to me for this.

Riskier than investing in meme money? Anything that has the potential to make a lot of money usually carries risk. Also, the margins are just so high, a housing crash probably wouldn't have much of an effect. Even if it did, you can just rent the place out until the market recovers to a point where you want to sell.

Im assuming you're in the USA. There's a ton of crazy cheap dilapidated houses out there you can pick up for a couple thousand and flip for 50k

Interesting.

Cheapest in my Area is a 85k 605 sqft apartment thats in such a trashy area that if my way of thinking is right..

no renovations would improve the amount I could rent or sell it for

That's pretty hot.

Sorry, didn't mean in USA, I meant to say in Detroit

I do some flips, but recently I've been building new homes on spec. The foreclosures that I've recently bought I've just kept as rentals.

Do you chain together mortgages?
So one rental pays for the other mortages?
What would you do if it all crashes?

Cool, this seems like a truly biz/ thread, no crypto bullshit

100k to build a house!?

Plus cost of land

Unless you have resources do one at a time. The most important thing is to pick the right place-find a place with a good roof, boiler windows ect but is esthetically messed up. I bought a place that was owned by a unibomber guy who painted like 3 inches around the light switches, the lawn was all messed up. I had it painted fixed the lawn and put in flower beds in front fixed a few things and made 30k in 3 months.

C R Y P T O C I R C L E J E R K I N G

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...

it's called ryona
enjoy your evening

god I wish that were me

Right now yes. I plan to get into real estate after the next market downturn. It's been going up for a decade straight going in right now is suicide. Like getting into crypto in December.

You have to have a big bankroll to get in. I’d just get into crypto instead until you have 500k+. A lot can go wrong with flipping and it’s not easy for the average joe.

There’s no market for rentals or homes in those neighborhoods, that’s why you can get the dilapidated house so cheap.

You have to buy right. I will only do projects that I can build in 25% equity and cash flow for 500 a month, then if it all crashes i will still be ok.

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huh

Paying cash for people to do work on your house will save you a lot of money too.

I mean where I live I have no shortage of mexicans who need work to do

yes

Actually... there is. I've been making drug dealer pads- basically really nice houses in bad neighborhoods and selling them for cash.

Don’t let them fuck with electrical plumbing unless licensed

Yeah location is everything-get a cheap house in a good location and you are 1/2 done