Anyone have any information on "flipping" a house? Is the stuff on TV the real thing or is bad too often?

Answer 1

If you are are contemplating a career as a "flipper"

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)

Answer 2

My father did that long before that term was used. He made a ton on most of the houses and lost most of it all on the last one.

The market went bad and he lost his shirt. I learned from watching him that it is a lot of work. You find many things that are bad that you didn't have the knowledge to see before you bought.

Still he made money because he did almost all the work himself. He was semi-retired by then and had the time. If he quite his job to do it, he would have lost a lot of income.

I know from him and from a friend that this is not a job for those who don't know what they are doing. If you don't do a lot of it yourself, it will cost you a fortune to rebuilt some of these houses. Way more than you can sell them for.

Some people get lucky and make a lot of money. Some loose a lot of money.

As an example, I bought an item at an auction for $2. I immediately put it on Ebay and got $250. No one at the auction knew what it was, except me. The same thing can be done on a house. Someone is going to get that big bargain, will it be you? Or did you get the sow's ear that was wrapped up like a silk purse?

Answer 3

My wife and I bought the house we are in a year ago... the idea was a flip. I do all the work myself except electrical and gas. We bought for about $125K below market for the area etc. We have put $40K and labour in. The house is 98% done inside and about 50% done outside. I spoke to her about moving on in about a year... my agent says we have made $150K (CAN) (about $65.00 US... hehehe) so far and growing much more when the outside is done... problem?... I did a job like I would do on my own house (ummm 'cause it is...) and now she doesn't want to sell it... oh well... do I sell her with the house (her idea) or keep this one, find another and not let her live there?... I dunno.
The TV shows are inspirational... SOME of the trials and tribulations are real, some are not mentioned... the pricing they quote on the makeover shows is hilarious... figure, a 3 bedroom makeover for $35.00 in paint?... 3 colours?... ceiling paint?... trim paint?... I am guessing more like $200 in paint minimum... reupholstery $49.00... where, how? from Walmart with a staple gun?! What the heck?!...you can't believe everything but it sells the show, gets the audience and gives guys like me ideas. My suggestion is that IF you aren't going to tackle at least 80% of the ENTIRE project yourself... don't expect to max out on the return if you hire others to get it for you... Good Luck!

Answer 4

we have the same iniials no the show is real and some things are ridiculous and the low cast of labor he finds is key if you live in new jeresy i have the knowledge if you have the bux i am experienced in many feilds of home improvements and at a professional level maybe we can work together even if out of stae im tom coghan 732 489 6889 i have my own business of home impp and im interested call if you will

Answer 5

you have to judge the current market in your area as well as where and what you can afford to buy. i've noticed everyone goes over budget on those shows and then they're sweating bullets trying to get someone to buy it for a higher price. i would do some research first so i don't "break the bank" OUCH!

Answer 6

do not believe 100% anything you saw there

those are very high risk speculation

many failed and go bankrupt - they are not shown on TV

Those successful ones are smiling and laughing all the way to the bank