2006-09-15 04:36:20 · 7 answers · asked by jwhitley920 1 in Business & Finance ➔ Renting & Real Estate
You have to have good credit first of all in order to BUY the house you want to flip. Then you have to have at least $40,000 to be able to invest in the house you are going to flip, then after you flip it you would be able to hopefully sell it making more than you put into it and then you've started your ongoing income flow to keep doing it.
2006-09-15 04:39:58 · answer #1 · answered by MrsDiaz 2 · 0⤊ 0⤋
In most of the country right now, the market will not support profitable flipping. No matter how great a price you get, as soon as you go to sell, you become one of the 40 sellers per buyer.
Look to buy and hold until the market turns.
2006-09-15 04:43:32 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Not a good market for flipping right now. Across the country the market there are many more homes available than there are buyers willing to buy. Rates are up and prices are down.
2006-09-15 04:53:39 · answer #3 · answered by Karen R 3 · 0⤊ 0⤋
Start small. No major demolition. Go for a house that needs updating only. Aesthetics Aesthetics Aesthetics! There is a major learning curve in remodeling and building . Your first house will be a challenge but it gets easier. The first step is finding the house of course. After that you want to secure financing for the house as well as a construction loan. Start Interviewing your subs early and GET EVERYTHING in WRITING. You need to get in and out as soon as possible so you need good workers with experience. If you have common sense you will do fine.
2006-09-15 04:48:00 · answer #4 · answered by Stiletto ♥ 6 · 0⤊ 0⤋
Get a copy of the foreclosure list. If you know anyone who's a realtor, they can get it for you. If you've got the money and time, you could buy the foreclosed properties; some go as low as a couple thousand dollars. Then, fix them up and "flip them."
You could take out a loan to fix up the properties and turn around and sell them for $60,000 and up, depending on property value.
2006-09-15 04:44:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Hmm... with U.S. housing market continues to slump, you might end up flipping debt rather than asset.
Real estate properties can be a liability rather than asset. Flipping at this time is not a good idea.
This article is teaching buyer how to lowballing.
http://biz.yahoo.com/brn/060909/19463.html
These two describe current market.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
If you still want to "flip a house", could you buy from invidividual home owner. They need your funding more than big builders.
2006-09-15 09:23:18 · answer #6 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
For the love of all that is good! Stay OUT of the speculative market for now. The R/E market is set to readjust as high as 38% in some markets.
2006-09-15 07:52:06 · answer #7 · answered by boston857 5 · 0⤊ 0⤋