Houseflipping

[Anonymous No.2387347]

Has anyone tried houseflipping? Is it worth it? There's this thing in my country where apartments are sold at around half the price with only the floors done and every utility put in, but nothing else. Would it be a good idea to take out a loan, buy one of those, fix it up myself and then sell it? Will I get fucked by the banks for taking loans? Do I get penalised by the banks for paying the loans early?

Also real estate general

[Anonymous No.2387363]

>>2387347
>this thing
you mean a scam?

if you understand real estate and are connected with contractors, it's easy to make money. if you know less than even the contractors, yeah go all in and then buy a lot of rope.

[Anonymous No.2387394]

>>2387363
I don't understand what you're saying. I can install most of that shit myself, wooden floors and tiles, a sink and a shitter, some doors. I know contractors and have friends who regularly get day labour jobs who could help me out.

Why would it be a scam?

[Anonymous No.2387440]

>>2387394
It really depends on the property market.

Banks don't give a shit if they have collateral, they will get their money either way. You run the risk, as long as you are willing to, there is money to be made. But again how much, depends on the market

[Anonymous No.2387445]

>>2387394
while you're playing with hammers putting together an apartment complex by yourself and then finding a buyer, you'll still have to pay interest and taxes. it sounds like fun, you don't really need any real estate experience, just do it.

[Anonymous No.2387500]

>>2387440
Real estate sales are going to shit country-wide except for my city, so I guess it's the best shot.

>>2387445
I don't think you understand, they're apartments in residential complexes with only the least work done so that you can't call them a cement box. Considering most of them are sold in the most in-demand zones at something around 60k finished and 30-35k unfinished, and that they get preordered instantly, I will probably be able to sell it very quickly.

I also thought about renting them out. Buying at 30k in an area where everything costs 60k means I can fix itup, rent it out as they would, and get back my initial investment much quicker. Say furnishing and installing everything would be 10k more, that still saves me a lot of money.

Wat do?

I'm only thinking of this because there's several loaning mechanisms in my country to encourage people not to leave, I can get 55k for 3k at an interest rate of 0.7%. Another thing I can do is deposit 5k in a bank, and by the end of the year the government places 1k more along with a 4% interest. I can also apply to take out a loan with all the money for a 1.4% interest.

This sounds good to me but I might just be retarded

[Anonymous No.2387552]

>>2387500
there's only one way to find out. buy 5 apartments.

[Anonymous No.2387569]

>>2387347
It's easy money. I do it like 5 times per year. Six figures easily.

If your IQ is above room temperature you can finish the flip in 60 days. Just have a good crew and good line of credit.

[Anonymous No.2387625]

It's really simple, you go to a real estate agency. You tell them that you are interested in flipping houses and want to buy and sell the houses through them.

They understand the mutual benefit. You do some market research, how much are the houses worth and why are they worth $X.

You discuss the finer details with the real estate office and then you cherry pick.

Flipping houses is easy. Literally any idiot can do it in a rising market and if you have the money for it. All you need is a pair of balls to see that a >100K investment can still be a really safe investment.