would i be likley to fail at flipping houses for a living if?

Question

the market was going up
i had licence contracters
and i had the money
and good ideas for re modling the house

Answer 1

no

Answer 2

Not necessarily.....

My Advice is this

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 3

House

Answer 4

Well being successful at flipping houses depends on many factors. First, how much below market value you can purchase the house. Second, how well you can estimate the remodeling.
third, how marketable the area is. Doing your research is essential and knowing how much you can stand to lose.
With every venture there comes some risk. You may get a good deal on a home but it takes you a year to complete and sell. That of course is going to eat away at your profits.
I think if your cards fall right that money can be made.

Answer 5

To maximize your profit you need to be the main contractor and you sub out the work you cannot do. that will save you 10-20% of your fixup costs then for each part you can do you will save 25-50% if you do the installation labor. but dont do it if your not sure about your skills.
A huge lose you gonna take also is from those realitors, they take 5-8% so if your gonna flip you need to try and get a deal from one since youll be offering much return business.

Answer 6

One thing I've learned from those house flipping shows is that the failures have a tendency to be over ambitious and put too much money in one are of the house and not enough in another. Just make sure to stay with in your time frames and your budget.

Answer 7

I don't know if you would fail, but the real hey-day of flipping is sort of coming to an end in a lot of areas. You just might not make as much money as a few years ago, but if you enjoy it, go for it.

Answer 8

Go for it. Regardless of the market there is money to be made. That being said there is NEVER a guarantee that you will make money regardless of the line of work you take. If you have the experience and money, for sure. I think even as the market goes down (or stays flat) there will be opportunities - you just have to find them.

Follow your dream!

Joe...

Answer 9

Noname!!!

Just get out there and buy a blanking house and flip that baby!!

You are never going to get the answer you want!

By Gosh just do it! Then come back and tell us how it went.

Answer 10

you can do anything you put your mind to, just keep in mind and be prepared because over 50% of all businesses fail within the first year, that means you are just as likely to make it as you are to fail, the more you keep your head up and do quality work, the more likely you will succede.

Answer 11

it depends on your area....in most places it is a buyer's market right now so beware