It's a dream of mine to flip a house. I don't know anything near what I need to know in order to be successful. Where can I begin to learn the necessary information so that I can be well-informed if and when I do it in the future?
2006-12-02 13:46:12 · 9 answers · asked by Kate 3 in Business & Finance ➔ Renting & Real Estate
Flipping properties is still a pretty good way of earning a living. The first thing you might want to do is go to a book store and purchase a couple of books on flipping properties. There are some good one out there with the current trends and newest theories.
You might also purchase one of the midnight TV guru's program, they have some good scripts as well as a few proven forms that you will find very valuable. Read them for the information they contain. Some will be extremely helpful, especially the scripts and what to tell a potential client. They will also tell you a little about the percentage that you need to purchase a property for in order to make a profit.
As far as money is concerned, you need to attract some investors if you don't have any money. Tell them you are sort of new at flipping properties and you intend to earn you as well as them a profit. Most investors of this sort get a split of 50/50, but you might have to give a little more when you first start out. You can place ads in your local newspapers as well as on bulletin boards you find in super markets as well as any throw away literature. Be leery of those that might want to take over your project because of your inexperience or age.
You might also see if there is a real estate investment group in your community that you might join. They would be very helpful to you.
The main thing is read all the books that you can from purchasing them or reading them from the library, as well as at least one of the TV guru's program.
You will have to surround yourself with good and honest handy men to d the repairs for you. Always get three (3) estimates from three different guys. Never let one tell you to call him back and he will beat anybody's price. He should give you his best estimate up front not beat another guys estimate.
There are times you will need to hire a licensed contractor, who cost a lot more than handymen, but when those occassions arise again get three estimates from three different people.
You will also need to know how to get the value of properties you want to purchase to flip, cost to fix them up. You will also need to develop methods to sell you property for the maximum profits.
I find using a real estate agent not to be in my best interest. They have all these various forms and contingencies and some don't do a very good job. You have to determine for yourself if they will be of value to you.
The reason I have little or no use for them it takes them a long time to sell a property and it takes me about 1-2 weeks. With a real estate agent I have had properties listed for over 2-3 months, losing money all the time and definately not the real estate agents.
Flipping properties is not easy, but you can take the mystery out of it by educating yourself with books and listening to others.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-12-02 17:11:49 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
By flipping you mean buy and sell for profit.
People with lots of money and experiene of the city and its market,
did a lot of flipping in chicago in last 5 years. Some did it fraudulantly.
You need to be in RE sales. So you know the market,
what is hot and what is not.
You need to have income from other sousre, money is there when opportunity comes up.
Generaly if you just make new bath and kitchen , sand floors,paint
nicely then , in a hot market you can legaly flip quickly for profit.
some time you need to do new roof, siding,windows, tuck pointing etc, and all need cash.
This applies to a single family house or apt buildings.
You can buy junk property in any area that you can afford, live in it,
and do all up dates within your time frame and then sell and move on.
My brother sold one house in chicago, and from the profit, he bought 3 houses in Phoenix. that means moving to a different area also can help your ambition.
Good luck
2006-12-02 15:51:48 · answer #2 · answered by cookiedada 3 · 0⤊ 0⤋
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
2006-12-04 08:18:17 · answer #3 · answered by p3mofo 2 · 0⤊ 0⤋
It's not what you know but WHO you know...... It just takes a lot of research. You will need a good Real Estate Agent that understands what you want to do. It will also take good contractors as well. Also, you need a financier to purchase and fix the right properties.
This is not necessary, but if you wanted to , you could get a real estate license to help you understand the market you live in and how houses are sold. Also, if you know how to do handywork, you could save a lot of money by putting in sweat equity.
2006-12-02 17:37:28 · answer #4 · answered by Kenneth C 6 · 0⤊ 0⤋
You need to learn alot about real estate from the ground up. You should know how to deal with contractors, types of materials, costs etc. Also you have to have a good feel of the market you are working in so you know a good deal when you see it. Also, educate yourself about mortgages; you should know what type of mortgage to get, current interest rates, payments, points, closing costs etc. The last you should learn is where to find deals are you looking for foreclosures, REO properties etc? This is broad but if you can learn about these things then you will be able to get yourself ready for the plunge.
2006-12-03 07:43:55 · answer #5 · answered by tianaramal 4 · 0⤊ 0⤋
You have to have a lot of capital to fix a house, or else be willing to live in it while you fix it up.
I'd say learn about all the various things that you need to know to repair a house (plumbing, electrical, contracting, painting, etc). You also need to learn how to recognise a good house, so a home inspecting/apprasial course might be a good idea.
The best thing to do would be to apprentice under a house-flipper so you could learn the trade directly.
Hope this helps!
2006-12-02 13:51:39 · answer #6 · answered by rita_alabama 6 · 0⤊ 0⤋
Its not a good market for flipping now.. .you've missed the boat for flipping. It is only considered a "flip" when you buy and sell for profit without making any improvements to the home to justify the increase of value! Which is NOT the same as FIXER UPPERS!
2006-12-03 11:27:32 · answer #7 · answered by ALEGNA 3 · 0⤊ 1⤋
You would be better off exercising and building upper body strength. Also, you should befriend similar people to hep ye'. Those houses are heavy!
2006-12-02 13:54:26 · answer #8 · answered by O'Shea 5 · 2⤊ 0⤋
carpentry, how to re-wire a house, finance and real estate
2006-12-02 13:51:03 · answer #9 · answered by topgunpilot22 4 · 0⤊ 0⤋