Re: Flipping houses, how much profit to expect after remodeling?
I can only tell you about a family friend, who constantly discusses his business w/ my dad:
He has been flipping for 10 years maybe.
He flips in the bay area (Redwood City mainly).
Even though there is a housing recession, he is still flipping profitably this year.
He makes an absurd amount per house. I don't know if he is flipping nice houses (1mill+) or just regular houses (600k). He is at the point where he flips 5 houses a year, and pockets at least half a million.
He does very little work himself. While he is (very) proficient at understanding houses, he mostly hires ppl for labor.
After the house is flipped, he finances the house himself. although I dont know exactly how it works, I'm guessing he makes extra coin doing this. In fact, he repossessed two houses b/c the ppl could not afford to pay for a few months.
Pppl always say flipping is tricky/dangerous. Flipping almost gets a bad rep. However, I strongly believe if you know what you are doing, you will become a millionaire, simply b/c I see my Dad's friend doing it w/ such ease, regardless of what the housing market is.
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