I want to start buying homes in my area and fixing them up and resell them.?

in pennsylvania are there any laws or restrictions on selling run down homes (either forclosures/ abandoned /tax purposes etc:) and hiring a contract company to fix them up and sell them? My neighbor told me that he knows a guy who buys 3 or 4 at a time remodels them and sells them for profit.($6,000.00 tax home plus $10,000 paid to the contrating company. then sells for $56,000, is this possible? are there restrictions like on how many a year? any thing would help. do you need to be a real estate agent or broker? or can anyone?I want to start buying homes in my area and fixing them up and resell them.?
I am not sure about houses in PA, but I buy houses in Illinois. Some i keep for rental income and others I flip. There is money in flipping houses. For example I am completing a rehab now, paid $25K and put in 26K for total of 51K. Houses in the area sell for $95k and up. Minimum net could be $44K.





There are many things to consider: location, your credit score, start up costs, how long can you afford to keep it with no income. Once you sell a few, you will have working capital. Myself, I have rentals, and always have cash flow extra from these units, plus I can tap into the equity on the buildings I own and use to buy and rehab. There are a lot of books out there on flipping houses. I suggest you do your homework in detail to make sure you can do this.I want to start buying homes in my area and fixing them up and resell them.?
it is called flipping homes. Yes it is ok to do this. as many as you have the$$$ to do it with. and many do make lots of $$$$ doing so
I don't think there are any rules as long as you pay all the applicable taxes.





In this declining housing market though, flipping houses isn't a sure thing any more.





More power to you. Hope you don't get stuck with tons of debt if the houses don't sell.
you just have to find a qualified mortgage professional to get you the lending on these homes, most lenders call these investor flips, i can finance in any state.
You do not need to be a realtor, but you should work with a good one.





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