A Little Help Please
I am looking to get into this business and have a few questions. I know what I am doing in regards to fixing up house (i.e.value adding features). I am in the construction business doing all preconstruction in an office( estimating, buying out subs, contract work) and would like to go off on my own and start rehabing and flipping. Is there enough money in this market. Keep in mind I am in the northeast region and when the time comes I will have my construction supervisors license and will be able to pull permits. I have a lot of motivation and I would like to get a jumpstart whereas I am only 22 years old. I have about 10K to work with and live in central MA. Any advice? Can I make a living out of this? What are my options?
Of course you can do this. Since you apparently have sone construction knowledge, you might be good for rehabbing. You could also wholesale some properties to bring in some good cash flow. You would know what the rehab costs would be, and could then negotiate a good price that another investor would want to pick up. Don't be afraid to get your feet wet. A quick flip would be a confidence builder. Good luck.
Hello!
Yes, there's $ to be made. Put it this way. If you only did four flips a year -and you're a contractor so you can have multiple projects going- and made 20k/project, that's 80k/year...
We work our numbers and then bid so that we can make 20k/prop unless I'm with a partner. Then we split everything 50/50.
10k? Boy, I'd buy a condemned property for 5k and then begin. I'd put the other 5k in the bank. I'd also pay all my contractors after the sale.
Thanks,
OnTheWater
One of the biggest money makers to hit Boston and the surrounding areas for the savvy investor has been condo conversions( not that I am suggesting that this is new). A 3 family that might sell for 700k after being converted to condos can sell for 400k per unit X 3 = 1.2 mil and these are real numbers. Granted there is work involved but the majority of it is done by lawyers not contractors. A friend of mine does this exclusively and he is living LARGE.
You have a lot of options as you already know. My advice, for what it is worth is hanging out on this site for a while and listening to other people's experiences and successes and see what really interests you. Big thing to remember is that you really make the money when you buy/acquire real estate because if you buy it right, it is very hard to go wrong!!![ Edited by MikeWood on Date 02/14/2004 ]