Here is another great potential flip
in Panama City, Florida for just $10,000:
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| Ben Moskel |
This is a 3 bedroom, 2 bathroom 1256 sq. ft. home. in Panama City, FL.
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| Ben Moskel |
The kitchen is rough, but since it is so small, it will be less expensive to replace.
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| Ben Moskel |
If you look closely, you can see some mold or mildew on the wall. While this scares off a lot of investors, it is actually relatively cheap to fix, as long as it has not caused structural damage.
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| Ben Moskel |
If you look closely at this picture, you can see that this is a concrete block come. This increases the value because of its extreme durability compared to wood.
Let’s look at the
numbers:
Purchase price: $10,000
Rehab cost: $25,000
Quick sale price: $59,000
Expected profit: $24,000
By the way, I know some flippers who will flip houses in other states just for the adventure.
For example, they will find a good deal on a flip near Chicago in the summer. They rent a cheap apartment for 2-3 months and knock out the flip. They treat it as a vacation, since flipping a house does not typically require more than 5-10 hours a week of your time (as long as you are using contractors).
And since you traveling for the purpose of flipping a house, your entire vacation is essentially 100% tax deductible.
This isn’t for everyone, but it is something to consider if you are not tied down by a job or other responsibilities.
It’s a pretty neat idea if you think about it: you get to go an adventure and spend a couple months in a new exciting city and have an extended vacation while making a nice profit.
