I want to get started doing this, and I know that I’d be good at it, but I have some basic stupid questions for experienced people doing this for a while :
What adds value to the property? I guess what I mean is, after putting in new fixtures, flooring, paint, landscaping, doors, appliances, etc etc etc …when I am trying to sell it back : how much am I supposed to sell it for? What will a lender appraiser look for? Is there a % rule of thumb of how much money I can ask for the property?
When I buy the property, will lenders allow me to have a credit from the seller towards my closing costs that is actually more than my closing costs, so that i can get some cash back? If not possible, can the difference be called a repair credit or something?
How necessary is it to buy the property WAY below market value? Even if I buy it at asking price, wouldn’t the repairs and stuff make it a lot more valuable to sell for more?
Am I supposed to hold on to the property for a specific amount of time? If i complete the repairs in 3-4 weeks, can I sell it then? or before? or what?
There. 4 questions. Anyone has any food for thought?