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What is the best type of property to flip?

Posted by jaushwa on 6/16/2008 at 9:30 AM | 2 answers | 585 views
Condo, co-op, single family? I plan to contact a realetor soon and get them to look for a fixer-upper for me which is well below market value soon and live in while I fix it up.
Whats the best type of property to do this with?

Answers

It's not the type of property that matters so much as both your ability to improve the one you find and its location, in the sense ofwhether it is something that can sell in that market. Typically, one is admonished to not buy the priciest house on the street so that people who want to and can afford to move into the neighborhood (moving up) might buy what you're selling. You also do not want to be saddled with amenities that are difficult to move, such as a pool in northern states or a pool-less house in Florida. Your market area will dictate which of those three are moving today, but you are hoping to sell after you fix-it-up, so you need to determine when that will be as well, and how long you can wait for it to move. Some folks will put up "for sale" signs as soon as they buy; others might wait for a month or two of labor to do basic clean-up. Sounds like more research would help you out. Beware of houses that have been repossessed (?) as there are all kinds of tales of what the previous owners might have done to the property (e.g., cement in the toilet/plumbing system). Without a lot of skills of your own to assess some of the work, that will also be an area in which to pursue more in-depth knowledge. Good luck!
Thanks Diana for the knowledge, I will take that into account.

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