Anyone know how to start flipping houses?

Question

I am very interested in flipping houses, I have the experience and the help in fixing up a house. If anyone knows where to start?

Answer 1

The big first investment is this GIANT SPATULA , then you need.......

Answer 2

Well, there is no better time to buy than now. If you have the credit and the money, snatch up as many properties as you can. This is indeed a buyers market. With that being said here is your caviat: IT IS A BUYERS MARKET! That menas, you should not flip your properties immediately, because you will not make a profit. I would suggest, purchasing properties that have little to no defects in them, you know, properties that you can slap a coat of paint on and then stick a tenant in. You want to rent them out immediately and make a profit on them so that you can make a profit while riding out this market. Also, when the market turns, it is going to be FLOODED with houses and your will not differentiate, so you will have to ride that out too. But int hat time, you will be preparing the home for flip; painting, upgrading appliances, adding on porches, etc. So when the market settles, and the flood will settle faster, especially with FHA about to bring out their NEW FHA loan, which will be structured for a higher loan amount (currently at 213,750 maximum; they want to be at the 417,350, with is our high for a conforming loan. Probably won't get that high but will reach the 300's.) first time home buyers and such will be purchasing homes if not quickly, they will begin doing it steadily. So the thing you need is credit, money and PATIENCE. Also, you should try to buy in the midwest; proerty value has been maintained in the midwest and portions of the South. Also, I would buy smart; Try to find a street where there are several bungalows/ houses/ apartments/ two family flats on the street and see if you can't buy the lot of them. By doing this, you can dominate that area, and when it comes time to sell, you will basically be the one setting the price range on that street; in essence, your houses will sell according to what YOU sold your last one for. Get it? Good, now go buy some homes! OO! Almost forgot, try holding your property for two years if you want to avoid Capital Gain which can be from about 15 to 18 percent!

Answer 3

I'm very interested in flipping houses too but it takes money, a real estate person, and depending on the house, a lot of contacts to get it done in a timely manner. Try finding an investor who would support you and help you buy the house you want to flip. Do you have a contractor's license? If not, find someone who would act as your general contractor on the house unless you don't plan on doing much renovation and just more remodeling. Good luck!

Answer 4

Sure, grab it by one end and flip it hard.( smile) That was my joke of the day. The real answer is be very careful about this. The shows that you see on TV does not give you all you need. The first place to start is with you. What are you trying to do? It have to be more than make money. What is your plan? How much money would you like to make by this time next year? How many homes will it take for you to make it?

Answer 5

The best way to start flipping houses is to advertise that you purchase distressed property that also include foreclosures.

You may do that several different ways

#1 Advertise in the local newspapers that you purchase distressed properties from divorces, probates as well as foreclosures.

#2 Purchase a list from someone that has a list of foreclosure homes.

#3 Go to the county court recorders office and prepare a list of your own of those that are in foreclosure

#4 Select an area that you want to work on a regular basis, send out monthly letters telling those in that area that you are in the business of purchasing foreclosures, distressed property due to divorce, probate, houses that are in need of repair.

This methods will give you get you started.

Now you need to contact these people that own these houses and make the best possible deal whereas both of you win in the transaction. You get enough equity left in the property so you can make a profit and the owner get out of the property in order to start over in a new place with dignity.

You should purchase one of the TV guru's courses concerning the fllipping of property. This course will give you a script to use on your clients. It will also give you some very necessary forms to complete your transaction once you have made a deal to purchase. These contracts have proven to be pretty legal in most states.

You should also purchase a few books on the subject that you will find in your favorite local book store, or you can check them out of your library. Read as many of the latest books on the subject. You should keep current on all the latest trends by looking at the latest books on the subject.

There are also some legal rules that you have to follow, so find the subject in your state that you reside in read up on the current law reguarding foreclosures, the buying and selling.

Once someone contact you about possibly selling you thier property you should find out why they are selling the property, you should take a look at the property to determie if you can benfit by purchasing the property.

You should consider the time it will take you to fix it up, there fore he monthly payments are important, total cost is a consideration so how much they still owe on the mortgage is good to know. If they are behind on their taxes and insurance is good to know because even though this is their responsibility and you will deduct that from what you plan to give them, it is important for you to bring them both current so if the place burns to the ground you will have protection. By bringing the taxes current you prevent the government agency they owe from foreclosing thus wiping out any mortgage owed.

Now how much will it cost to repair the property? How much do you think the property is worth. Get an appraisal to give you some compts. If you don't know what they are just call an appraisal from your local phone book tell him the address and that you need some compts on the property. He will take your phone number and call you back with the compts. This is a free service that he offers. So when you are ready to sell the property, who is your appraiser? If you said the guy that gave me the compts go to the head of the class.

Now if what they owe on the mortgage, the amount of money you have to give them as well as the cost to fix the property up, hold it during fix up, what you have left is called profit. If you can live with this profit now is the time to write a contract telling them the price you are willing to pay for their property. When you expect them to leave, the amount of money they will get in their hand minus any expenses they were suppose to have paid while there like if they are behind in the taxes and hazard insurance.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 6

You need a really, really big spatula to start.