Would anyone want to invest their money in flipping houses. Meaning buying old run down houses for a low price. Then fixing it up and making instant profits out of it. I see alot of people flourish in this business but i am having doubts.Should i take the risk???
2006-07-30 12:15:18 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
That was great a year ago, The market has changed and in alot of area's house values are dropping to make up for the huge increases over the last 5 years. We are in a buyers market. You could probably find one to buy, but when you get ready to sell will it get you the price you want to sell. Alot of people don't take into account the insurance cost on habitation rental properties, I have seen alot of people lose there ***, do to this. If you go this route, buy with 3 units or less, alot easier to insure. I would wait till the market corrects itself, it would be less risky then...Good Luck...
2006-07-30 12:27:47 · answer #1 · answered by 345Grasshopper 5 · 2⤊ 0⤋
Flipping a house depends on the market at the time of the flip. Right now the market is getting ready to drop so depending on the property, value, purchase price and the market, it may be very risky if you cant afford to lose any money.
Ive checked into this several months ago and concluded that I cant afford to lose 200 grand if no one buys it, and it would take me an awful long time to recoup the money if I kept it and rented it.
2006-07-30 12:22:47 · answer #2 · answered by billydeer_2000 4 · 0⤊ 0⤋
My friend, Paul does this. He buys the worst house in a neighborhood that is mostly owner occupied with few vacancies. When he fixes them up he does so with style, replacing cracked plaster walls & ceilings with drywall, and buying/installing quite nice wood work. He refinishes wood floors and installs energy efficient furnaces with air. He usually spends about $10,000 on materials and does the work himself in a couple of months. Then he sells, often doubling his investments. He's also purchased 2 apt bldgs and rehabbed them elegantly (our governor toured one), he keeps the apt bldgs for monthly income, and the nicer the apartment the better clientel you can get. Good luck what ever you do.
2006-07-30 12:35:26 · answer #3 · answered by Doctor ~W. 5 · 0⤊ 0⤋
only if you can afford to lost 1/4 of the money in case you have trouble selling or if the market takes a down turn...that is the risk in this investment
2006-07-30 12:20:44 · answer #4 · answered by Dwight D J 5 · 0⤊ 0⤋
It depends on the laws in your state. Some states are very harsh on people who do that sort of thing, just to turn a quick buck. Some of the people who advertise these kind of get-rich-quick (at the expense of others) schemes have been in jail at one time or another... and they won't be telling you THAT in their infomercials!
2006-07-30 12:20:27 · answer #5 · answered by M L 5 · 0⤊ 0⤋
There are many other ways to invest your money... Consult a financial advisor BEFORE doing anything...! If you're in the Dallas/Ft Worth area, email me at wmeylan@sbcglobal.net... I know someone who can help...!
2006-07-30 12:19:55 · answer #6 · answered by KnowhereMan 6 · 0⤊ 0⤋
go for it i'm thinking about doing the same thing
2006-07-30 12:22:52 · answer #7 · answered by BIG MOMMA 4 · 0⤊ 0⤋