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Originally Posted by clintonpoon88
i have been dwelling on the OP's question as well. damn housing is expensive.
i have been saving a bunch of money in mutual funs and i wont be moving it anytime soon because of the redemption fee. i was thinking that when the time is right, i will be taking the money out and throwing it into a down payment for a house.
it seems that it is not as simple as it sounds. obviously i want to maximize the utility of my dollars so flipping houses to make coin sounds really good but i really have no idea how it works.
anyone car to chime in on how to make money by flipping houses?
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Buy an old property that needs some work, spend some time improving it, and sell it for more.
Another to make some coin is to buy a bigger lot, and split it up. There was a really old house i saw sell for 2.4mil with a 66ft wide lot, sold based on the value of the land. you could build 2 houses on it for 400-500k a piece, and sell for close to 2mil, which is what the going rate of a newer house in that same are sells for with a 33ft wide lot. Right there is approximately half a mil profit, less carrying costs...