In no more than Six very quick months I was in the exact same place I was before I re-financed, except that I had no equity in my home anymore. -Which I am convinced is every profitable lender’s goal these days.
By having your real estate sign out in front of a house you will be able to generate buyer calls that you can sell another home to while you are waiting on your listing to get approved.
To do deals like this you need to go through several steps. First of all you have to get set up with a hard money lender as you cannot get a normal mortgage on a house in disrepair. You need to see what homes are listed for in your area and figure that when you fix it up you want it to be nicer and cheaper than all other equivalent homes on the market for that neighborhood. Working backwards from the price you could sell at to undercut the market, take out the repair costs and pad it by at least 50% for unforeseen costs(always there) and then subtract your expected profit and holding costs(interest), realtor fees(if you use), advertising and more. If you can still make at least k it should be worth doing.