how possible would it be for me to successfully flip houses if i had the money and property manager?

Answer 1

It is very possible to be very profitable.
It is also very possible to lose your shirt, if you are not careful.

List of warnings (in no particular order):
1. Over estimate your costs. I'd suggest adding about $10 per square foot to what you expect it to cost to fix up a property. After you have done a couple, you'll be a lot better at guestimating.
2. Do not buy a property because
a) You already have it under contract
b) It is the best deal you've found so far
c) Your agent says it is a good deal
3. Every time you learn something during your due dilligence period, completely re-evalute the deal. (See 2a above)
4. I'd think this would be obvious, but you should know the minimum you will be able to sell the property for when you are done, before you actually purchase it.
5. Use your due dilegence period wisely. (Get an inspection, especially on your first few properties.)
6. Determine How you will be financing your work before you put in your offer. This includes getting money for the purchase as well as the fix up. If you are going to use your own funds, be sure that you do indeed have the amount you expect to need, plus probably 10% in reserves that you will not need for any other projects or to live on.
7. Do not spend a lot on advertisement (not until you have done some properties, made some money, and know what you are doing.)
8. If you have a lot of time on your hands and like working with those hands, then do the fix up yourself (obviously). Otherwise, hire it out. Either way, when you do a cost estimate on fix up, consider what it would cost to hire it out. If you do the work yourself, that just means you will be paid for your time and then again for your investment.
9. When hiring a contractor, have your own contract ready for them to sign which will include exactly what is to be done, how long it is going to take, who pays for supplies and how, what the consequences are if the contractor does not keep the agreement (as far as time, procedures, etc), and anything else you need to agree upon.
10. Should have been obvious from 2a, but always have escape clauses to get out of the purchase contract.
11. If you have one, join a Real Estate Investment Association in your area. They will be able to help you find good contractors, bankers, insurance brokers, realtors, and other investors in your area.
12. Start with one property at a time. After you have done a couple, doing more than one at a time will be a lot easier.
13. Have FUN. If you don't enjoy it, don't do it; at least not on the side.

Answer 2

Yes it is possible if the area you live in has high appreciation values, or if you are handy with fixing up homes. A property manager would not really come into play unless you wanted to rent the home. If you just wanted to buy a home that needed to be fixed up and fix it up and sell it you would need the know-how (or the money) to fix it up.

Answer 3

Buying property with a negative profit margin is a big no no.The market in California is almost at a stand still.Buying property with a very low vaccancy rate has good potential to raise rents as you know.Try to get the seller to fix as much as possible.

Answer 4

particular, that could be a risk. once you're seeking to purchase and swap residences in some state of foreclosure (might I propose pre-foreclosure). probability is you will might desire to apply a stressful funds/fairness lender because of the fact classic lenders won't own loan funds to residences that have that form of lien---it does not have marketable call. additionally, lenders are no longer exciting in possessing genuine factors-they are the lending corporation. stressful funds lenders costs greater expenses of activity with the aid of enhance in possibility. I propose you get to be attentive to a pair investors (look up any genuine factors investors' golf equipment on your section) and private lenders to diminish back you up. that is a superb theory to settlement your first deal so which you're making an undemanding few grand. (make sure the settlement is assignable). when you sign the settlement at lets say $ninety,000 (and the industry cost is $one hundred forty,000) sell it to an investor via ability of settlement turn for $a hundred and twenty,000. i do no longer care in the journey that your stressful funds lender develop into charging 30%- you in no way had to pay a dime out of your pocket-perhaps basically an earnest funds depo.

Answer 5

Yes it is possible. I have several clients who make a lot of money flipping houses. The number one thing to remember is not to overpay for the house just to get it. Keep you project on budget and you will be fine. Make sure you have a Realtor who knows what they are doing.
RE Agent,
Remax

Answer 6

http://www.amazon.com/Flipping-Dummies-Business-Personal-Finance/dp/0470043458/sr=1-2/qid=1170276163/ref=pd_bbs_sr_2/102-4089452-9847319?ie=UTF8&s=books


Become informed....read and read...and keep asking questions before you jump in! Remember...you only hear about the SUCCESSES!!

Answer 7

Easy this time next year you can have 1,000,000 dollars the key is to have two million now.

http://www.breakingbubble.com/index.htm