i am about to start in a real estate pre-licensing course then will take my test to get my license. after i learn the jift of it my plan is to partner up with a buddy who is an appraiser to "flip" houses. any tips, thoughts, ideas, guidlines?
2006-12-03 15:39:52 · 6 answers · asked by thetulley0 1 in Business & Finance ➔ Renting & Real Estate
It sounds easier than it actually is. My Sonny does it. He also has taken all the courses to become a realtor. Because of the oath and ethics involved in being a realtor, he will not become a realtor. In flipping properties, you need to find those that are close to being forclosed on... and you need to be able to talk people in to selling to you cheaply. You just have to remember that it is a business with you, and you can't buy something that will not make a profit for you. Thus, you have to buy under market value, which is difficult to do. Tax sales are another way, but that too is risky. Good luck in your ventures.
2006-12-03 15:54:19 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Besides the fact that you seem to have horrible timing I don't see why you can't get into it. Most people don't jump onto a sinking ship. Flipping is on it's way out for a little bit. If you have your license, you'd make more money in real estate with much less risk. Flipping is very very risky.
But if your determined, here's my suggestions.
1st. Try using zillow.com or a similar tool to get a better idea of what approximate home values are in your area.
2nd. Check out some good investor blogs and websites. But don't waste your money on their stuff. That way you'll know how everyone else thinks.
3rd. Put together a team of contractors and have backups.
4. Put together a business plan on how the partnership will work. Business type and all the goodies.
5. Always do an inspection and/or have your contractors look at the property before the inspection deadline.
6. Hold everyone on schedule.
7. Don't lose money. Don't spend on things you don't need. Don't over price the home and waste time.
2006-12-04 05:14:14 · answer #2 · answered by Spencer B 2 · 0⤊ 0⤋
"sweetharttt" is very correct. If you want to "flip" houses, you should not be licensed. There are very strict rules of ethics that must be followed if you are licensed. You will find yourself spending too much time in court or answering complaints to the state licensing authority. And the typical judge or the state will not look kindly on a licensed individual taking advantage of people in distress.
2006-12-04 02:26:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Might as well become a Realtor, even with the disclosure requirements. Since you're going to be partnered with an appraiser, the requirements will probably already apply.
As with weight lifting, if your going to flip houses, start small.
2006-12-04 12:05:06 · answer #4 · answered by teran_realtor 7 · 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 16:25:09 · answer #5 · answered by p3mofo 2 · 0⤊ 0⤋
Before you really get into it, check out the book "The next great Bubble Boom" by Harry S. Dent. It could save you a great deal of money in the future.
2006-12-03 23:43:18 · answer #6 · answered by Brian V 2 · 0⤊ 0⤋