I think I am going to try it.
2006-08-20 01:46:22 · 11 answers · asked by Alex 2 in Home & Garden ➔ Do It Yourself (DIY)
Nope. None. Lets do one together!
2006-08-20 20:47:09 · answer #1 · answered by Nicky 4 · 0⤊ 1⤋
Wait 6 months. New housing has come to a grinding halt and the bottom might drop out of the resale value on many houses. If you buy even a cheapo complete rebuild, once you get done with the flip you might find yourself selling for a loss as the built in equity you were counting on from repairs was eaten up by the buyers market that has appeared.
2006-08-20 05:49:24 · answer #2 · answered by draciron 7 · 0⤊ 0⤋
I do a couple a year. Great for some supplemental income, but the market can turn bad at any time so it's not a secure long-term thing. For me, it's a way to have a nice car and some spending money without any consumer debt. Still need a 9-5 job though for the steady paycheck and health insurance.
When you're figuring the cost of repairs and how much profit you'll make off a property, don't forget to add in the cost of the transaction itself. Between closing costs, realtor fees, finance charges, buyer's demands, etc., expect to pay 15K to sell. Hopefully less, but plan on at least that much.
2006-08-20 04:07:31 · answer #3 · answered by Gitchy gitchy ya ya da da 3 · 0⤊ 0⤋
Been there done it numerous times.
Make sure you dont overestimate what abilities you have.
Some of the work is better to hire out.
DOnt do a house that will strap you so bad that you HAVE to sell it within a month or two to get out of a mortgage payment.
Be patient, do the work nicely.
Put the money into the kitchen and bathrooms.
But realize what you can and shouldnt do and go for it.
Some houses are fun, other houses are not.
2006-08-20 01:56:45 · answer #4 · answered by fireandice707 2 · 0⤊ 0⤋
I'm in the process of buying a house off the tax rolls. I got a list of property that is delinquent on taxes. I looked the properties over and found one that has a solid structure but needs allot of work. I have allot of experience in maintenance and repair. I plan on rewiring and working the plumbing. This kind of project requires allot of work on my part but with careful planning and using contractors for what is beyond my abilities it will work.
Additionally I plan on wiring an Ethernet line to each room and cable, and phone to each room that all come to one panel for ease of control and installation. This may seem like a minor detail but in this age of communication it is a feature that will add allot of value to the house.
2006-08-20 02:13:43 · answer #5 · answered by opie with an attitude 3 · 0⤊ 0⤋
I take it you plan to remodel. Do the plumbing and electrical first. It seems like you can never get too many recepticles in the walls. If you have the old plaster walls I don't envy you. It is all going to fall down eventually so when the house is empty start pulling it off the walls.
2006-08-20 02:09:15 · answer #6 · answered by Thomas S 6 · 0⤊ 0⤋
I flipped my Truck once, but, never flipped a house.
2006-08-20 01:52:33 · answer #7 · answered by Snaglefritz 7 · 0⤊ 0⤋
Flipping?? I guess not....but I sure have had a lot of experience with flipping housework!
2006-08-20 01:51:20 · answer #8 · answered by a_phantoms_rose 7 · 0⤊ 0⤋
no matter if you’re swinging a hammer or hiring it carried out you want to purchase precise. power round detect a distressed domicile purchase it fix it degree it and promote it. that is a surprising form of work clone of having a job in case you want to do it then its no longer. Staging is each and each of the cute stuff that pulls peoples interest. do exactly it
2016-11-26 19:38:22 · answer #9 · answered by lefler 4 · 0⤊ 0⤋
whats 'flipping houses'? i guess ive never done it before?....
2006-08-20 01:52:35 · answer #10 · answered by Anonymous · 0⤊ 0⤋