flipping houses for a living?
2007-02-02 07:40:45 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you had the money to put down at least a 50% down payment, and you know what you are doing, then you can make a living at it. The key is that your profit is made at the buy not at the sell. You need large amounts of cash to be in real estate for a continued amount of time, otherwise you end up bankrupt when the market turns on you.
2007-02-02 07:45:04 · answer #1 · answered by Lip Service 2 · 1⤊ 1⤋
Yes, Yes, 100% Yes!
BUT - BEFORE You start 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)
2007-02-05 22:27:50 · answer #2 · answered by Jessica B 1 · 0⤊ 0⤋
First depends on where you live and whether that market can and will support it. Next, provided you can grab the houses cheap enough and it doesn't cost you far more to upgrade/improve the place than you anticipated...if you have quality contractors and the work is done top notch...you just may be able to make a go of it.
You would want to investigate whether it's a buyers market or a sellers market in your area. Ideally, you want there to be more clients than houses in reasonable price ranges. Many places are dealing with a buyers market right now so houses are sitting far longer than they would normally and those selling are going for less than asking. Do some research regarding your area and the housing market, whether you can float your business for awhile til the profits do start turning and if there is a contracting firm that does excellent work and won't rip you off.
Good luck if this is the way you choose to go!
2007-02-02 07:50:28 · answer #3 · answered by dustiiart 5 · 0⤊ 0⤋
I'm no expert, but....
You stand a much better chance of making a profit/living if you can do some or most of the work yourself, or actually are the contractor. The more middlemen there are, the more people there are taking a cut of your potential profit.
Obviously, you'd have to have a keen eye and knowledge about the local housing market, building codes, cost of labor & materials, job estimating, etc. to be able to accurately gauge how much money you'd have to put into a house in order to sell it for a profit. You'd also have to be a keen negotiator in buying the properties to rehab, to buy the properties for the lowest possible price to maximize your profit.
2007-02-02 07:49:48 · answer #4 · answered by peytonbarclay 3 · 0⤊ 0⤋
Do the work yourself where ever possible. You'll save thousands that way. The market is slow right now. There are plenty of fixer-uppers available. Remember location, location, location is the key to turning them quickly. Hire a licensed contractor to do electrical, plumbing, heating, roofing or any structural work. Do all the labor intensive work yourself such as sheet rock, paint and windows. Don't get greedy and price yourself out of the market. Work with a Real Estate agent that's been in the business at least 10 years. Get several market analysis when you're ready to sell.
2007-02-02 07:49:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can, but it would probably be rough at first, but if you know what your doing you can make a ton of money. Of course it would also depend on the real estate market in your area too. If you don't already, watch the television show Flip That House, you can gain lots of useful tips. I'm a huge fan of the show and am thinking about trying it myself.
2007-02-02 07:46:12 · answer #6 · answered by evil_paul 4 · 0⤊ 0⤋
Unless you have experience in both the real estate market and as a general contractor, no. Flips have done well in the last few years because of the enormous growth in the real estate market. Now that there is a downturn, however, there is less room for mistakes.
2007-02-02 07:45:55 · answer #7 · answered by J.R. 6 · 2⤊ 0⤋
Depends on the housing market in your area. Right now, most of the country is down. You have a better chance of losing money right now.
2007-02-02 07:43:30 · answer #8 · answered by Homeslice 4 · 0⤊ 0⤋
Very good chance, hook up with a Realtor who knows what they are doing. the key to flipping is staying on budget, and not paying too much for the properties. I do it A lot, but it is not as easy as TV makes it out to be.
Good luck
RE Agent,
Remax
2007-02-02 07:44:42 · answer #9 · answered by frankie b 5 · 2⤊ 0⤋
Of course!! that is a real good business.. just try and get foreclosed properties and rundown places - as these are real cheap and can be sold for a lot higher price when fixed
good luck with the business!!
2007-02-02 07:43:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋