Does anyone have any advice or ideas involving buying houses and either flipping them or renting them out?

Question

I want to start doing this but I need advice?

Answer 1

I am no expert but I have some experience. First, Save up purchase money... You dont want a mortgage payment hanging over your head... Ihave done this in the past... buy a low end house in a relative safe neighborhood with employment available not far (Must remember that even unskilled, uneducated, poor people need a place to live that they can afford. You and I may not want to live in their neighborhoods but they dont mind or have no choice. Most of this people are hardworking and dream of owning their home some day...) Move into the place (save that rent money) and start fixing it up... Make sure property is structurally sound. Try and sell it without a real estate (They take big chunk of your profits) Find someone (i.e., Escrow agent) to help you out (Help U sell has reasonable fixed fees in most places) I be happy if a clear $15K on first small house...do five or six properties a yr--you do the math. Eventually, if things go well, you will move up to better homes and better profits. REMEMBER TO STAY OUT OF HIGH CRIME, HIGH UNEMPLOYMENT AREAS AND DONT PAY TOO MUCH...DONT WORRY IT CANNOT FIND PROPERTIES RIGHT AWAY...TO LOSE MONEY THERE IS ALWAYS TIME. DO NOT RUSH TO BUY AND DO YOUR HOME WORK... CAREFUL WITH UNSCRUPULOUS REAL ESTATE AGENTS FULL OF PROMISES...THEY HAVE ONLY THEIR BEST INTEREST AT HEART. BUY ONLY THE BEST DEALS. WARNING: EVEN IN REAL ESTATE ONE CAN LOSE MONEY---I HAVE. Good luck!

Answer 2

Make sure you fully read the contracts when you buy a house to make sure there are no clauses regarding the sell. Beware of any capital gains taxes. Contact a tax agent regarding those. It is better to flip then rent because you could end up with dead beat renters that trash the place and leave.. once you sell it it is not your resposibility. For paint, just use the Colorplace paint at Wal-Mart.. it is only about $15/gal, way cheaper than the competition. Watch those shows on TV and you may learn a lot about flipping houses and prepping them for sale. (Start investing in furniture at G-sales to show the house with lol)

Answer 3

Buy cheaply,put in cheap new appliances paint freely,sell

Answer 4

This website looks like it has a wealth of information. Definately check it out.

http://www.landlord411.com/Becoming_A_Landlord.php

Answer 5

You're asking such a broad question, exactly what do you want to know?

See if this website helps you any: www.reiclub.com

Regards