Buying a house to flip
We had the property next to us flipped recently.
To my surprise everything was done right, complete new roof with new plywood sheeting, total gut and new sub floors with new hard wood floors, all bathrooms completely gutted and rebuilt. Complete kitchen remodel, new siding new driveway pored new stone veneer on front. Everything was hired out to professionals that did a great job!
it was only for sale for about 2 months before it was purchased, talked to the guy who did the flip. he said after all the work he put in and the fee's and tax he only made about 8k on the house and his average is less than 10k per property, he strategy was to have 3 or 4 houses going at the same time, sounds like he was able to bring in about 45k a year, in this area that's not exactly the overnight wealth some would lead you to believe flipping houses can get you.