How do you start a career flipping houses?

Question

I live in the atlanta area and want to start flipping homes. I'd like some advice on how to start. What area to invest in? How much to budget for repairs? How much expected profit?

Answer 1

Have you considered getting a real estate investor mentor? Lot's of costly mistakes can happen if you don't do it right. I know of a good program if you would like more information ('m clickable) . I read that Atlanta is a great city to be investing in.

-Angela
http://www.ratraceclub.com

Answer 2

I buy foreclosures in Metro Atlanta (Cobb County). There are many ways to skin the cat, so to speak, and you will have to find the method that suits you best. I recommend starting off with minimal risk, such as buying a property that has already been through foreclosure. You can buy them from wholesalers such as myself, from banks (REO's), or search the listing services that advertise the house as being a foreclosure. I am not a big fan of the last suggestion, since it is the easiest (therefore everyone is doing it).

I would also recommend finding yourself a mentor and paying attention to what he/she has to offer.

Finally, reading. Lots of reading. There is an endless supply of information on how to flip properties.

By the way, "Flipping" has a negative connotation in our neck of the woods. Georgia has one of the highest rates of mortgage fraud and mortgage default in the union. You will always be under the microscope when you attempt to sell properties for far more than you paid in a short period of time. It isn't impossible, I make a good living at it, but there is almost always a hassle involved.

Best of luck

Answer 3

do not DO IT in any respect! there are a number of very stable and nicely intentioned people who've been watching too a lot of those previous exhibits on HGTV! it is an exceedingly undesirable time for novices. yet once you're nevertheless desperate... the 1st issues you will possibly desire to evaluate are: a million) Are you going to have the potential to sell the abode in any respect? 2) How long will it take? 3) What value are you able to anticipate thinking the advancements you would be making? 4) Even the final flippers run into unpredicted worry. you could think of it only desires elegance artwork, yet then locate you have structural or mechanical matters as quickly as you initiate off tearing issues aside. consult with a pair of close by REALTORs and notice what they might inform you approximately a number of the homes that have bought recently interior the comparable community and how lots condition they have been in.

Answer 4

In order to flip, you have to buy low, sell high. In order to do that in a short time, most likely, it will be a fixer-upper. You buy wholesale because it needs repairs, you fix up, then you sell at retail to make your profit.

The main key to flipping, is to know how much to pay for the property, to be able to make a profit. There's a lot to calculate.
That's the only place you could mess up.

And you should also know how much you want to make.(Ex.10%)

My advice: Always round up.

If you think the property needs 5k fixing up, round up to 10K,
and deduct from price.

So you assess after repaired market value, deduct how much you want to make, deduct repairs, and deduct another 3% for holding and listing costs, and that will give you your maximum allowed offer, on property.

Answer 5

YES TAKE A FEW PICTURES OF HOMES CLOSE BY.. PASTE THEM ON PLAYING CARDS..
THEN START FLIPPING.
IT WILL PASS THE TIME..
OR ALTERNATIVE METHOD..
TAKE THE MONOPOLY HOUSES AND THROW THEM ACROSS THE ROOM..