flipping costs - Posted by Lezlie(TN)

Real Estate Investing
#1

Posted by Redline on November 30, 1998 at 14:12:24:

My understanding of this from others on this board:

I’m assuming you’re talking about a wholesale flip here … your closing costs should be minimal. Since you’re closing simultaneously you’ll not actually incur two closing costs. Also, your close with the wholesaler should be largely on him. Your figure you quote him on the property is net.

RL

#2

flipping costs - Posted by Lezlie(TN)

Posted by Lezlie(TN) on November 30, 1998 at 09:32:59:

I have just signed a contract for a house which I plan to flip. a few questions:

  1. could someone tell me possibly what costs besides closing might be incurred during the flipping process
  2. once i find a buyer, can a title company set up the closing for me?
  3. will I have to pay two times the closing costs, e.g. as the buyer and seller?

Thanks

#3

Re: flipping costs - Posted by Richard

Posted by Richard on December 03, 1998 at 23:37:00:

Here are a few of the items that took away
most of my profits on the first couple I did;
insurance, utilities, advertising, inspections,
vandalism, lazy partners, loan costs, junk fees,
appraisals, termite repairs, new roofs, unsafe
heaters, flooding, poor grading, cracked foundation,
phone bills, gasoline bills, but most of all
missing the true market value of the house both
before and after fix up.
Make up a budget and stick to it.
Do not over improve for the neighborhood.
Make it bank lendable.
Do not make it your dream home.

Good luck.