Flipping houses?

Question

Have you ever or do you know anyone who has ever done a flip on a house. Was it profitable. Was it fun.

Answer 1

I have. I made a good chunk of money. However...VERY stressful...but overall pretty fun!

Answer 2

I'm an Insulation Contractor in Boise, id. Some of my remodel contractors do that professionally in addition to their biz. I can't speak for outside my market, but if I were you and considering flipping houses I would start contacting local remodel contractors in your area and start asking about the market. I find that builders are more likely to give you up-to-date info without being biased. Sure you could ask a real estate agent, but there goal is to peek your interest. So getting back to your question no I have not personally flipped a house, but I know many people who do. Depending on your time frame and what's needed to the property it can be both profitable and fun. I would find a home inspector that you trust to do the inspection of the property. Just really do your homework and stay emotionally detached.

Answer 3

My and my wife have flipped 7 houses in the past 2 years. We did it in the Daytona FL area and made on the average about 30k a house. Always remember you never make your money on the sell of the house you make it on the buy. The market has cooled down but we now have the knowledge and finances to wait for great deals that are going on right now. Good luck and dont be scared to pull the trigger and buy a house that is a great deal. In this game you snooze you lose.

Answer 4

Tough market to be flipping in, unless you have time to spare.

Generally 3 weeks is how long it used to take. Any longer and you end up paying mortgage payments and lowering the profit.

Work with a really good broker, someone who will give you an honest assessment of the present cost vs. value of a home. Good brokers LOVE flippers, because they get commission repeatedly.

Also, make sure everyone you work with knows you are flipping. It does make a differance in what kind of materials the contractors will buy, etc.

Personally I am going for the rental market right now. I think a lot of people over bought in the last few years and will either foreclose or be forced to sell. The rental market stank there for awhile (the good renters bought), but I think it will pick up.

Answer 5

I flipped a couple of houses before I got married. I would buy older, beat-up houses, and move into them while I fixed them. I spent two years in each house, so I could avoid capital gains taxes on the profits from the sale.

Other than living in houses that had holes in the walls and floors, and leaking plumbing, and heating that didn't work, it was kind of fun. I fought roach infestations, rats, even a couple of opossums living in the attack. In one house, the floor of the kitchen collapsed, and I had grass growing in the kitchen by the time I got it fixed!

If you do it, make sure you fix your bedroom FIRST! You have to have a nice place to go to when the rest of the mess gets to be too much.

While we were dating, I brought my new partner along to find a third house. She wasn't willing to move into any houses that would be profitable (they have to be pretty beat-up!) So, I don't flip houses any more.

Answer 6

Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred's of thousands of dollars. The key is to do as much work as you can on your own.

Did you know that you can make $40,000 + on a house, and never even own it?

Take a look at my website - I just put it online last month -

Please realize that Flipping Houses is not a "Get Rich Quick" Scam!

Do as much research as possible before starting on your first flip -

http://www.LearnToFlipHouses.com

Kind Regards and Good Luck!

Adam Monforton

Answer 7

My brother and his roommate did. They bought and sold about 4 or 5 houses. It took them quite awhile to finish even though they worked on them all day. They made sure the house was structurally sound because it was just the two of them and they didn't have construction equipment, but they were smart. I noticed they always built a back porch, did lawn work and planted a lot of exotic trees and shrubs, and they always built a greenhouse. They also inhabited the houses when they worked on them. Each project turned out to be profitable, rewarding, and they gained a lot of knowledge.

Answer 8

I watched the tv show a few times.

You need somebody good with money, somebody who can deal well with contractors, somebody who can oversee the project and fix things, somebody who can decorate, somebody who can sell, and some money to invest.

If all those people can get together and make it work then, yup, money to be made. Could be one person with all those skills. Mare likely at least 4.

easier ways to do it though I think, also I'm lazy

Answer 9

I don't know where you live, but in general it is probably not the best time to do this ... it is currently a buyers market ... and house are on the market for long periods of time before they are sold.

I recommend you wait until there is an upswing in the "sellers" market.

Answer 10

Um, how would one do that? Literally?