Does anyone have tips or experience in flipping houses? Did you hire a contractor or did you do it yourself?

Question

This year, my husband and I are going to begin building our wealth and think real estate investing in the best way to go. Any suggestions?

Answer 1

If you are going to get into flipping a house, the most important thing is to realize your limitations.

Each day that the property sits is costing you money (which reduces your potential for profits). You shouldn't hesitate to hire out any repairs that you do not have the skills to carry out in a timely and efficient manner. Also, remember that when you hire out some of these jobs, the contractor often has a crew of people working for them, instead of just you and your husband.

Your best course of action would be to stay VERY involved in the day to day management of the renovations, but to hire out most of the work. If you do not have the time to supervise, nor the experience, you would probably be better served by a really good general contractor. (If nothing else, hire the general contractor for the first couple of flips you do, and learn from them --- then attempt to be your own general contractor.)

Best of luck!!!

Answer 2

The best way is to learn the market. Go to open houses, watch the newspaper and check the values of homes that you think might be good at homevalues.com. Learn what places are renting for and the laws and rules of landlording. I have been investing in real estate for 16 years. I retired 6.5 years ago at 44 thru my investing. My advice is to learn about landlording from someone who is already successful in your area. They will probably be happy to help you. You can learn a million things that will save you a lot of money. Continue to save as much money as you can and when you know the market and the rents then find a good deal and buy it. After you have rented for a while and gotten your feet wet then begin to buy more. BE CAREFUL. Just a few rentals can change you whole financial picture if you do it right.

Answer 3

I have no experience in flipping homes, but am very interested in it and have researched it. From what I can tell, the best thing for a person who is new to flipping to do is buy a home that only needs cosmetics. Buy one that is structurally sound, of course and only needs "updated". New carpet, new paint, new light fixtures and a little landscaping. Make your first homes easy on you. Save mega bucks by doing things yourself if you can.
Good luck to you!

Answer 4

I do maximum of my own artwork, it extremely will pay. i can do a roof in 3 days through some employed troublesome artwork (at say $25 an hr) for $1200 even as a contracter might want to fee 5-7,000. if you're actually not accessible, then you truthfully can nevertheless make money with contractors doing each of the artwork, do merely not assume to make the large greenbacks. you'll even ought to have extra money beforehand, contracters don't like "you'll receives a fee even as the abode sells!"