Should I flip this house?

[tom]

Seller only asking $6000. Assessed for $21,000.

Seller has just been using it for storage for the last 10 years. They have been told $8-9,000 would get it brought up to code.

Looks like the neighbors are assessed at around $35-$40K.

I could offer $4-5000 cash..Get it up to code..paint it, new(er) appliances, fixtures. If it turns out at all decent..$39K should be easy to get. May be worth closer to $50k if it has the best curb appeal in n'hood.

Basically..Looks like $20K profit would be feesible. Try and have it done in under 10 weeks.

Im handy and would do most work myself. Plumbing and electrical I would probaly leave to someone else.

What should I look out for? Do I need a lawyer to get the house in my name? How much is that gonna cost me?
As far as house layout..With as cheap as this part of the state is and as old as the homes are..No one expects a great layout. I would do as minimal major construction. But they did do some retardd things with houses 100 years ago..so who knows what it looks like inside.

I would probaly use a realtor. So Id lose about $2500 right there..but its worth it for a good sale.

We'll see..I should do a driveby and get some more details.

Regardless..I would do an inspection.

[Don]

Several others here have give some sound advice. In addition I would add that you should be prepared to sit on the house for awhile. Real estate is not moving very fast right now so you should be willing to wait up to six months to sell the house. If you can financially handle this then I think it sounds like a good deal.

[Yoho]

Sounds like easy money to me. As everyone knows when you find easy money you will end up getting screwed.

[MissTina]

First, compare this house to others in the neighborhood. Are the houses not that pleasant to look at? If so, don't even bother because buyers are looking for nice neighborhoods to live in. Second, your budget may not be as strict as you think. Is the layout in the house workable? Do you need to tear out some walls to make the layout work? Sometimes paint and new appliances aren't good enough. Lastly, do you plan on using an agent or are you going to sell it yourself? If you're usng an agent, your $20k profit will be lowered. Some things to think about.