2007-01-22 16:13:46 · 10 answers · asked by jathomp4son 1 in Home & Garden ➔ Decorating & Remodeling
Before starting anything...Do your research!
1. Go to Amazon (or any other place you can buy books) & buy at least two different books on flipping houses & read them both cover to cover. Then you will know more about what you're actually getting yourself in to.
2. Join a local real estate group that focusus on investing/flipping houses.
3. Watch any & all remodeling, home staging and repair shows on tv, (including flip that house, flip this house & property ladder)
4. Go look at fixers. Call up the agent & request a showing. Take a notepad & make notes about what you would do. Take a camera even, & take photos. Then, let another "flipper" buy the property. When the house goes back onto the market, go look at it again. Did that person make the same repairs you would? Take more pictures. Compare them. Know your market!
Before starting on a venture like this....make sure this is what you want to and can do. You have to know your market, where your money is going to come from, have a good agent and be prepared for one hell of a ride!
I would personally suggest a minimum of 3 months of studying & getting all your ducks in a row before attempting anything.
But in the end...it will all pay off! (if done correctly)
2007-01-22 17:21:30 · answer #1 · answered by Jessica B 1 · 0⤊ 0⤋
Do you mean buying a house then quickly reselling it for a fast profit? That's what comes to my mind when I hear that term.
You could spend loads of money on some infomercial program that will probably only make the owner's of that company rich, or you could do some free online research yourself.
I've heard of those late night ads that promise how you can make a fortune with bad credit and with no money down, but those deals are few and far between -- (or more like unrealistic BS to get you to buy into their get rich quick scheme).
When you buy a house, if you don't sell it, you have to pay the mortgage when it comes due. Otherwise it goes into foreclosure, the bank takes the house, and your credit gets ruined. So don't overextend yourself thinking you're going to hit the jackpot.
Right now the housing economy is in a recession, and it's a buyer's market; so now probably isn't the time to risk it. Sure, you may be able to qualify to buy the house, but your goal is to sell it right away, and that might just be the hardest part. While the finance rates may be down, they government has overinflated property values to get more property tax, so people aren't really motivated to buy and sell houses like they were a couple years ago.
If you're still hell-bent on doing it though, it probably wouldn't hurt to take a real estate course. and more importantly, try to use the internet to your advantage and learn as much as you can. There's a wealth of information, even the Library of Congress is at your fingertips. It's not impossible, but it will take a lot of work and planning if you truly want to succeed at it.
Good luck. :)
2007-01-23 00:32:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This is a tough market and not a good one for flipping houses right now.
But when the market is good, You just need to have some good credit and starting with buying one house at a time.
2007-01-23 00:22:31 · answer #3 · answered by GEE-GEE 5 · 0⤊ 0⤋
My aunt used to do this, I heard it was illegal now ( in my state) but here it goes....you buy a house, and when the pricing of the houses go up cuz of supply and demand, you sell it! Don't sell when the prices go down...easy Now that the price of the old house went up and you sold it, you can afford that even better house and later sell it also for a profit.
...I don't know why it's called "flipping" though.
2007-01-23 01:10:52 · answer #4 · answered by Suzy Suzee Sue 6 · 0⤊ 0⤋
What you need:
- some considerable amount of money to start with
- skills in carpentry, house repair, and design
- a "handyman special"
- lots of free time
I suppose anyone can do it, but you should really know a lot about home design, how to subcontract out certain jobs like plumbing, and how to fix up houses in general (laying tile, carpet, drywalling, hanging cabinets, all that stuff).
2007-01-23 00:24:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Without the windows smashing? Impossible mate.
2007-01-23 00:21:45 · answer #6 · answered by Chickenlips 1 · 0⤊ 0⤋
1) Have money you can afford to lose.
2) Buy a fixable house
3) Fix it
4) Hustle it
2007-01-23 00:21:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Buying a house that needs renovating
2007-01-23 00:17:47 · answer #8 · answered by kuytfkhtdt 1 · 0⤊ 2⤋
buying a house thats junk or one that looks ok, but turns out to b like mine, the money pit!
2007-01-23 00:18:59 · answer #9 · answered by kimmy209 3 · 0⤊ 1⤋
What? might want to rewrite that question
2007-01-23 00:16:17 · answer #10 · answered by Anonymous · 0⤊ 3⤋