Does anyone do this?

Question

Does anyone here buy, refurbish, and then sell or rent houses? My dad is looking to get into it, but is kind of scared. He has excellent credit, so can get all the loans he needs to get started. And he also built his house himself. It's huge and really nice. I really want him to do this because he is so unhappy with his job and is getting older, so needs something flexible. Please, only serious answers.

Please no smart *** answers. I know everyone is a comedian, but I really want to know this.

Answer 1

Even with the real estate market where it is today, if your father is experienced in construction, and has is good at what he does, you will be successful..

The key to this business (which ive been doing for years) is to hav e a network of people to work with..

For instance, I am a mortgage loan officer, and I rehab houses on the side. I am teamed up with a couple realtors, a lawyer, and a few carpenter friends to help me on big jobs.

Having all the pieces to the puzzle really helps when venturing into the house flipping business..

As a loan officer first, and a rehaber second, i also have somewhat teamed with a couple other Rehabers as well. They come to me for all their mortgage loans, because i can give them useful information about rehabing as well as everything they need to know about the financial side of things...Also from there i refer my network of people to them (realtors, attorneys, etc.) Because the more business for all of us the better it is for everyone in the end..

If you and your father are serious about this, feel free to give me a call.. I'd love to help you at least with the financing side of things..

It sounds like if your father built his house from ground up, he will have absolutely no problem rehabing houses..

My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender. Give me a call at 312-264-6448, or email me at [e-mail]

Best wishes!

Answer 2

I will preface my answer by stating that I am a licensed Realtor® in the state of Arizona.

As I have no way of knowing what the real estate market is like where your father is I cannot get into specifics.

It is true that the real estate market is cooling down, and the inventory of homes on the market is rising, as is the time that it takes to sell a home. As far as buying homes and renting them or fixing up homes and reselling them, to make a living It would be difficult to say if he could. However, if he wanted to start small, and make supplemental income this I could guess is possible if the conditions were right.

I know, that in my area there are some homes in older neighborhoods that just need some updating and cosmetic repairs that could bring more money to a seller if these things were done. I also know that some people can buy new construction with minimal (if any) upgrades done to them, and rent them after construction is completed.

I hope this helps you, good luck.

If you have any other questions, don’t hesitate to drop me a line.

Answer 3

In general I think investing in the real estate market is a great way to eventually gain financial freedom, BUT, you always have to be willing and able to take losses.

If he is not in a financial situation where he can afford to potentially lose money (not all transactions are a win-win situation) then I would say to look into it more.

He can start small. Take a Home Equity line and use it to join with other investors in purchasing properties. He can then charge for his services in revamping the properties.

It takes a while to actually make a profit enough to be able to quit your real job, unless you happen to fall into a "gold mine", which is really rare.

It takes a lot of work and research and guts to do it. The potential for gains is great but the potential for loss is there as well. I wouldn't involve all of his finances into it.

It's not an overnight thing. But if done right and long enough it can be really rewarding. Just research a lot (other than here!) and be smart about it. Beware of get rich quick talkers. There is no such thing. Make smart choices.

Good luck!!

Answer 4

Sure he can do it if he plans on doing the work himself. Otherwise the profit margin is too low to mess with. He should keep his day job and refurbish homes in his spare time until he is certain that is what he wants to do and likes it.
Keep in mind that home sales are sagging all over and that he might be sitting on the home for a while after it is completed. He needs to be sure he has enough capitol to keep up with payments, materials and other unforeseen incidentals.
It's tough work, but very satisfying. The money can be good if you buy right and move it quickly. The down side of it is that you don't get paid for long periods of time. You end up putting lots of $$ into the home and get nothing out until it's sold.

Every new endeavor in life is scary, especially when you let the safety net of your day job go. Keep prodding him and give him all the encouragement and support you can give him.

Answer 5

A number of people do this with varying degrees of success. The key is to buy a fixer-upper for which the purchase price and the cost of rehabilitation is below the price at which the completed home will sell. In other words, you want to make sure you can make a profit. Your dad will also need to make sure he does not spend any money he cannot live without for a little while since it may take some time for the home to sell. In this case, your dad could consider using them as rental property for a while to generate cash flow and try selling again later.

Good luck to him!

Answer 6

im sorry u just left me an answer on why do rebel flags offend people check ur history hunny... in my opinion.. the president made the south... just turn against the u.s. at that time and for ur information i would like u to know that the slaves then had it made and there is some black asian russion or any other thing that live worse today than they did then... its a sign of love for ur heritage which if u live in the south u obviously dont have!!!

Answer 7

Great idea, except the real estate market is abit dry right now. If he's talented in home construction, he already has almost guaranteed himself profits

Answer 8

I have before and am in the process of picking up a project and analyzing whether it's a good one to take on.

If he has the committement, and the desire I say go for it. But you have to be careful of the properties you choose.

Answer 9

my boyfriend was into real estate...it didn't go so well for him. he says the one thing he learned is that single faimly homes aren't as needed as say a duplex. i am not sure about where you live but he is sure he wouldv'e had more luck getting into apartment houses, if renting is what your dad is looking to do.

Answer 10

I have tried this...the cost in repairs from people renting got me out of the business. I would suggest investing in precious metals or just land.