2007-01-02 03:03:56 · 9 answers · asked by fish2441 2 in Business & Finance ➔ Renting & Real Estate
Only do it if you can afford to let it sit on the market for awhile. The other option is to rent it out until things look up (I am not expecting things to upswing for a few years).
2007-01-02 04:03:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I'd argue that a down market it a bad time to flip houses. It can be a GREAT time for experienced flippers IF you know what you are doing.
The fact that you even asked the question makes me think that you don't have the requisite expertise.
1. How much do you know about home construction, remodeling & repairs?
a. Do you have an eye for design?
b. Do you know what is popular locally?
c. Can you recognize the difference between easily repairable items and fatal flaws?
2. How are your carpentry, plumbing & electrical skills? A lot of profit can come from "sweat equity". Are you familiar with local codes and have access to master tradesmen who will sign off your work prior to code inspections?
3. What is your source of funding? Can you qualify for the loans you'll need and afford to make the payments until the work is done and you sell?
4. Do you have the time and expertise to act as your own General Contractor? Do you know how to work with tradesmen and how to schedule jobs properly? Do you know the "insider's lingo" for all the trades and can you tell when they're being straight with you or feeding you a line of BS?
5. Are you intimately familiar with the markets where you will be flipping or have in inside track (a realtor or fellow flipper) to that information?
6. Are you more anal about cost control than a CPA?
2007-01-02 11:39:05 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Phil Speer, Ph.D., started his real estate investing career 25 years ago. With no cash or credit and using only a $10 bill, he purchased $1 million in properties his first year, and accumulated $10 million in properties within 4 years.
2007-01-02 14:26:19 · answer #3 · answered by wts 1 · 0⤊ 0⤋
I am a loan officer that buys and sells nationwide. I have an investment group that you may be interested in. Any market is good with a solid plan and the right lenders behind you.
2007-01-02 12:49:28 · answer #4 · answered by interactiverealt 1 · 1⤊ 0⤋
I think most of the people refer to speculation rather than investing. What can be better than buying houses cheap because the market is down?
2007-01-02 13:10:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The party's over for now. One of the worst possible things you could attempt right now. An amatuer investor would not stand a chance in this market. Spend a little time learning more about real estate and maybe try in a couple of years.
2007-01-02 11:08:46 · answer #6 · answered by Big R 6 · 0⤊ 2⤋
yea what they said...my real estate agent neighbor is complaining that he has 3 dozen houses showing and nobody is buying because they're all asking too much.. he even has a few people stuck in interest only loans trying to get $250k for some 800sf closet- thinking they were gonna do the same thing
wait for the foreclosures to start then jump in and offer pennies on the dollar
2007-01-02 11:14:31 · answer #7 · answered by Jilm_Jones 3 · 0⤊ 2⤋
the housing market is in a slump right now - I would wait until it picks up again
2007-01-02 11:06:22 · answer #8 · answered by erindrozda 4 · 0⤊ 2⤋
bad idea right now, housing prices are stagnant or even dropping in some areas.
2007-01-02 11:12:16 · answer #9 · answered by Kutekymmee 6 · 0⤊ 2⤋