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FoundationIf the house under consideration needs substantial foundation work, pass on it for now. Unless you have great amount of building experience and have a fat balance in your check book, houses which need foundation work are not for the flipper. First, foundation work is mostly hidden so a good estimate can not be provided before you buy the house. Second, the foundation work will take several weeks. Third, foundation work will need to be completed before other aspects of the flip can be done. So this will hold up the work to be done until it is complete. Three reasons for not buying a house which needs foundation work.There are exceptions. If you plan on a long flip, then a substantially reduced price on a house which needs foundation work may allow you to make a good profit. But the carrying cost of a long term project is also huge. So sharpen your pencil to make sure the house you are considering will produce the profit you seek, ion the time period you expect.
Every house can not be flipped by every person for a profit every time.
Profit
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Prepared 2006-2011 David Ullian Larson
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