can you purchase and flip a apartment
Shopping for and flipping a apartment generally is a daunting activity, particularly if you happen to’re like me and like to do it with out bodily viewing the property. On this article, I will take you thru my current expertise of shopping for a townhouse in Virginia Seashore with out really setting foot in it. I will share the numbers, the situation of the property, and my ideas on whether or not this funding will probably be worthwhile.
The Lead and the Property
The lead for this property got here from my Geek Squad, and I had a consultant exit and have a look at the property for me. The photographs I noticed made the place look fairly good, and I assumed it would not want a lot work. The property is a three-bedroom, one full tub, and two half baths townhouse. The advanced is not probably the most enticing, nevertheless it’s in first rate working order. The HOA is $200 a month, and I nonetheless want to search out out what that covers.
The Situation of the Property
As I walked into the property, I noticed it wanted extra work than I initially thought. The roof is in fine condition, nevertheless it has older three-tab shingles. The entrance of the property wants cleansing up, and there are two damaged fridges left behind. The kitchen is in fine condition, however the home equipment will must be changed. The flooring is in good situation, and the downstairs toilet wants some portray.
The Potential for Revenue
Regardless of the preliminary situation of the property, I consider there may be potential for revenue. The property would not want a ton of labor, and with some cleansing, portray, and minor repairs, it may be prepared on the market. The bottom line is to confirm the situation of the warmth pump and deal with any points with it. The carpet could must be changed, however general, the property has potential.
Remaining Ideas
Shopping for and flipping a apartment with out bodily viewing it may be nerve-wracking, nevertheless it’s additionally a talent price creating. It is important to have dependable individuals on the bottom to supply correct info and to be ready for surprising surprises. Ultimately, the numbers will decide whether or not this funding will probably be worthwhile, and I am keen to take the danger and see the way it seems.
