Fix And Flip - The Formula
By: Steve Gillman
Making money with a "fix and flip" property is a great way to make money in real estate. However, it isn't about repairing drywall and planting flowers. It's all about how you do the numbers.
People often buy and sell a fixer-upper without a definite plan. They buy a house, fix it up, then add $10,000 or $20,000 onto their costs. They then put the house up for sale at this price.
Have you ever bought a house according to what the seller has into it? Of course not. You look at similar houses to determine the value. If you have $110,000 into a fix-and-flip project, and similar homes are selling for $105,000, how much will you get? It has nothing to do with what you've spent, does it?
The Fix And Flip Formula...
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