Condo flipper?

Question

How can I become a flipper with condos?

Answer 1

Don't do it. It's risky and it's hurting the economy.
Condos are harder to sell than houses. Find an honest way to make a living that doesn't hurt the economy and families.

Answer 2

It's easy just buy a condo below market value and try to resell it for market price. Now if you want to become a good condo flipper you have to do a bit more. Being that you want to start off buying condos I'm guess you want to spend the least amount of money and assume the least amount of risk correct? I have flipped a few condos in my day so I can probably give you the short answer.
Condos are really tricky you have to pick a building that does not have more than 25% of the units on the market. It is also wise to not purchase a 1 bedroom condo those take the longest to fip, try a 2 or maybe even better a 3 bedroom. I'm not sure which market your aiming at but if location is not an issue you need to try looking into the hud system they have some of the best deals out there right now. Www.bidselect.com is the best way to find a great condo that is below 100k plus they give you money to repair the unit depending on how your realtor writes your contract. It's doable you just have to search the market for that 1 that screams great deal, meaning lots of equity and potential. Make sure that you can carry the cost of having the unit (mortgage payments and maintenance) for at least six months after repairs and upgrades.
Don't let people discourage you with market conditions, believe it or not there are still people out there making money flipping real estate. Now is actually an ideal time because everyone else is afraid to spend on investments such as this.

Answer 3

I have flipped 3 houses in the past 3 years and it doesn't have to hurt the economy if you don't sell at cut throat prices. That's what brings the neighborhood values down, people selling out. Sell it for what it's worth. Now, I don't do condos just because they are harder to sell and time is where you lose the money on a flip. It is definately risky and a lot harder than a TV show makes it out to be. Especially with the mortgage and housing in an uproar right now, it's harder to get good qualified buyers.
If you still want to try it you can buy foreclosures at the county auction at the courthouse, buy them from sellers in distress before foreclosure, or buy them back from the bank after the auction. There's usually not as much profit in one as it seems though. Budget and Time are the most difficult parts. e-mail me if you'd like more info. I love what I do.
[e-mail]

Answer 4

It's a high risk, especially in the current market. There may be a lot of foreclosed homes on the market in the near future, but these ain't always good bargains.

Having a inside contact in real estate helps. Not just to locate good prospects for flipping but in re-selling. You also need structure and construction knowledge and skills. You really need project management skills -- scheduling is critical.

Being "handy" really saves money. But you still need reliable subcontractors -- watch some of those flipping TV shows. Even the professional real estate flippers run into subcontractor problems.

Answer 5

The housing market SUCKS right now - condos are even riskier than houses because they don't have as much of a chance for appreciation.
I'm not even going to get into details about flipping places - you need to do a LOT of research before you lose all your money and destroy your credit - cuz if you try to do it based o nwhat you know today, that's exactly what's going to happen.

Answer 6

Why would you want to? You will loose your shirt. Condos are hard to sell and in addition to paying the mortgage while no one looks at it you also have HOA fees to pay.


Bad idea.