I want to get into property flipping?

Question

I want to get into property flipping but i have bad credit and no money any ideas maybe a grant or something

Answer 1

Honestly, unless you have a lot of money or a good investment partner, its very difficult to get into the business....My husband and I do this for a living and we got started by buying our own home, living in it for two years, fixing it up and then after two years, selling it and buying another primary, residence, fixing it and then flipping it, etc....We did it 3 times and it took 6 years, finally had enough capital to start flipping full time....The key when you are starting out, is to be properties which are at least 30% below retail value....They are not easy to find, but with determination, you can find them....Best of luck and if you have any questions, email me....

Answer 2

Allot of people are doing this and very few have good credit. You can do this also with very little money down and no credit,if you shop wisely. Look for contract for deed properties,or lease to own. When buying on contract for deed or lease to own you are the owner and the person that owns the house is the bank. Usually you have a year or so to refinance the house or purchase and pay them off and can buy these properties at a low down sometimes real low if they need work in them. Then you can sell the property and payoff who you bought it from and pocket the profit. Easily to do and not many people know about it. Good Luck to you.

Answer 3

Something to consider is going in with someone who can back you up. Then split the profit. Just remember that no matter what always allow your self more time than what you really think it will take and more money for renovations. Try watching Flip This House on TLC or Property Ladder. They are shows on people flipping houses and you can learn alot from watching. Like that it always takes longer and cost more than your orginal budget and timeline.

Answer 4

If you have no money or credit or unable to obtain money partners, then you can flip control of property. Look into something called "Assignable purchase option contracts". They don't require money (except a dollar) or credit. You basically find undervalued property, put it under the above contract and then sell your contract to another person for cash. Worst case scenario, you wasted your time, efforts and a dollar! For example, you find a run down property that at it's current state is worth 100k, but fixed up it will be worth 140k. How much do you think you could sell your contract for if you have this place under contract for 85k and sold it to someone who does rehabs (fix n flips)? There's 55k in potential equity, I bet you could get 3-5k in this deal.

Then I suggest you save your money (don't buy cars or anything stupid) or find money partners so you can buy these properties yourself and resell them for bigger profits.

It's hard work, but it's fun and challenging at the same time. You can even do it on your spare time instead of watching TV.

Regards

Answer 5

It sure is fun and lot of work but you better do it right. I think the starting point for you is to go see what Housing and Urban Development says about flipping real estate and what is illegal.
Here:
HUD Final Rule 4615 Prohibition of Property Flipping Site #1*: http://www.hud.gov/news/focus.cfm?content=2003-05-02.cfm
HUD Final Rule 4615 Prohibition of Property Flipping Site #2*: http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2003/03-10778.htm
Buena Suerte

Answer 6

In general, now is not a good time with interest rates rising to get into this. This was big some years ago , maybbe a decade ago but you would do bettter to get grants to do something else. big now is being able to provide services to special needs populations through grants and medicaid etc. But trying to flip property, not a good thing to do.

Answer 7

Boy, this is a bad time to try that unless you have really good backing. The real estate market is dropping off in many markets, and buyers are driving the process. That's not to say that it can't be done, but don't think you'll just paint a room or two and make a lot of money. That's only on TV.

Answer 8

Stay up in the middle of the night and start flipping channels. Dead of night is perfect time to find endless infomercials on property investment scams...

Answer 9

You need to get a big giant spatula.