Has anyone ever flipped their own house? I've recently been looking into real estate in my area, and thought flipping my first home would allow me to get a larger home, for significantly cheaper. Unfortunately, while I'm okay with a cosmetic fixer upper, if there were some deep rooted problem that we didnt notice till later, I don't know if I would be able to fix it. Anyone flipped their own house before? ::confused::
Well for example:
I could buy a medium sized home for 200k with all new carpeting flooring, nice appliances, and all the works.
Alternatively, I could buy a large home for 150k, because it's been torn apart by the last tenants. The carpets are ruined, the drywall might have holes, and a lot of painting an replacements may have to be installed.
I am okay with investing 25-40k in getting new carpets, appliances, etc to make the home as the medium sized home (cosmetic changes) but I'm worried that if I bought the house, I might go to replace the toilet, and realize that mold has infected the area under the baseboards, or something equally problematic, which is a harder issue to fix.
I was rather wondering whether people would just be content with a smaller house, where they didn't have to fix anything, or were involved in buying larger, cheaper, but uglier houses and investing the time, ultimately saving money and getting more space, but also risking the chance there could be a more difficult issue with the home.