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So on January I asked /biz/ about flipping land in my city. I have been doing 2 flips in 2 month.
1st one: bought for 60k and turn to 69k in 1 month
2nd one: bought for 90k and somebody is asking to buy it for 95k after 2 weeks.
Currently buying 3rd land for 85k.
To note that I am living in SEA hence the cheap prices. People here are breeding like rabbit and demand for housing is very high. A lot people only want land so they can build whatever they want, apartment is not really attractive.
I really appreciate /biz/ on the advices but I think the risk tolerant here is quite low. Only like 1/10 from last thread encouraged me to proceed because high initial investment and like 5% per month is low/ hard to achieve.
Thought I shared my experience for someone who want to get in the flipping real estate business
Sorry for bad English.
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Hope you do well, anon. If you can get into the rental business, go for it. You can always sell it alter, but passive income is pretty nice.
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>>1924402
Thanks anon, going for rental business is my dream but my capital is not big enough right now and I am working oversea from my home country so it is a little bit hard to manage. Definitely one of the safest passive income. I know plenty of people actually financial freedom on 40s because of this.
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These are terrible numbers. You shouldn't flip anything unless you can make 20k. Source: am flipper.
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>>1924509
hmm, i think % will give a better view on investment return. 20k is the absolute value, how much initial investment are we talking about here.
I am rather new so first few trades I want it to be a "good luck" start so as long as got profit will do. Will aim for better in the future tho. Thanks anon. Any other advice can share on flipping?
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>>1924525
I'm skeptical of your numbers. Have you accounted for holding costs? (Taxes, ins, interest if you borrow) or closing costs? You have to pay a lot of money to close a house. Where are those figured in? 80k is a lot to risk to make 5k.
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Taxes document work, etc are accounted. I did not borrow since I have fund from working in Singapore for 5 years. In my country, the fee is not as much, also this is land only (no house) so closing is less complicated. As for the risk, the demand is high, the infrastructure is developing rapidly, and I know a few close people in the business that can give me tip so I am not really worry about it.
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