anyone have any advice on 'flipping houses' where or how to start ?

Answer 1

First contact a real-estate agent and get a list of fixer uppers. He may also have a list of repossessions in your city. Go to the banks and see if you can get repo's before the agent. Know what the value of the house should be approximately and look for under valued homes. What are the other houses in the neighborhood worth?? What do they need to make some money flipping?? Make a list of what you can see and what it would cost to fix. Always get a inspector in to find out anything that might be hidden in the way of repairs. A new furnace or air conditioner can set you back lots. If you need help envisioning your flip hire a designer or architect for a couple of hours. Also pick the real-estates brain for ideas and what he thinks will make the house worth more. It helps if you have a background in construction..

Brin

Answer 2

The gal that is the on TV advisor for Flip that house on HGTV or the similar show- has a book out on it- I've worked in the industry and know alot but would take the time to get that and also check out tax laws on profit- do you have to live in the house- if you don't- whats the diff etc?! for your area- and of course check the market- start with something smaller and more cosmetic that remodel, and worry more about turnaround and good profit rather than big profit---

Answer 3

It really depends on the area you live in as to whether it's a wise investment or not, for instance, there are plenty of places around the country where the market is still going strong, just California and other extortionately high areas where property prices seem to have hit their ceiling. I would start by looking online at HUD properties or properties that are going cheaply because the owner desperately needs to sell. Rule of thumb is: find the cheapest house in the most expensive area you can afford, then start from there.

You also need to ask yourself a couple of questions. Can you do the work yourself? Do you have to hire a professional? If so, is there someone you already know and trust? What sort of prices do contractor's charge in your area? Do you know where to get all of your supplies? Have you worked out a budget? How will you finance your purchase? Do you intend to live in the house and renovate whilst you live there or will it be purely an investment? Can you afford to pay 2 or 3 months of mortgage payments on the house whilst you wait for it to sell? It's a risky business, we have just done it ourselves by living in the house for a year, we plan to put it on the market in Mar (this is the best time to sell). We lived in the house though so we didn't have to pay 2 mortgages and because we're just starting out ourselves. This has both advantages and disadvantages, as you have to live around the mess whilst it's being done, but because we did everything ourselves it motivated us to get it done faster so we could live around it. Good luck and if you need further info just ask another question.

Answer 4

You missed that boat. It's not a good time to flip houses. The market is flat right now. Wait to see what the market is doing. It is definitely NOT going up right now!

Answer 5

I don't reccommend it anyone. The house market is bad, no one is buying.