Flipping a house question?

Answers:3   |   LastUpdateAt:2012-08-31 19:43:02  

Question
amy lorette
Asked at 2012-08-14 06:50:03
Two friends of mine and I are thinking of getting this house and flipping then reselling them. The house is in the [email protected] , 895 for c / payments 700/mo . 3br, 2bath . As we have seen the house needs cosmetic work only . We are every 22 years. old and just looking at an investment opportunity , while we are young . We all can go on our own for the 1st time , so it is lived in the house and work on it in our spare time . All of us work in an average job (20k a year) and contribute money to the same amount. Is this a good investment? Can we do this in less than 2 years? Can we do this cash directly , without borrowing ?
Answer1NEEDS HELP!!Answered at 2012-08-14 07:51:35
im pretty sure u can sounds good to me , but I warn u nt the house could sell as fast as u want but u can definatly get it done in less than 2 years.
Answer2Sahana E.Answered at 2012-08-25 14:21:03
Be very careful when doing things with friends or real estate MedlinePlus Be sure to get a home inspection first to make sure it is a purely cosmetic MedlinePlus With the market now is a good time to buy , but two years may not be enough for the market to turn MedlinePlus What if you can not sell the defaults of the house or one of you on payments or make repairs as a weekend project and it would probably be because they all have jobs can take more than two years MedlinePlus best to talk to someone who has done it before in your area MedlinePlus Check the schools in the area the better the school the better your chances of a quick resale
Answer3MinervaAnswered at 2012-08-31 19:43:02
I agree w / Natalia ! MedlinePlus You never know what can happen between you three ! One or more of you might bail out , leaving the other ( s ) twisted ! MedlinePlus ABSOLUTELY get an estimate , and get all the terms and conditions in writing ! MedlinePlus The market is bad right now, you may have more time than you need to work on it ! You may even be stuck with it ! MedlinePlus Know who you're dealing with, you can not be in it for the long run!
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