The house may be in disrepair, totally outdated, have a leaking roof, or something that requires a substantial investment of money. Either the owner or the house usually has some type of distress. I am looking for houses I can buy at approximately 65% of the market value, or less. These houses are usually not currently for sale. I search for houses with very specific criteria, in specific market areas. There are usually a LOT more expenses of carrying a property and unless you're a larger company, you also cannot get their pricing for labor and materials. They show gross profit, if they show anything. Nor are the profits like they lead you to believe. There are some similarities and there is definitely drama, but never does it go as smoothly as shown on TV. People often think it's like the TV shows on house flipping.
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