would it be realistic for me to be a successful house flipper if i had the money and the contractor?

Answer 1

Absolutely. You have a lot going in your favor... the contractor would have the experience and the know-how, and since money is not a problem, you would be all set. Some people do it with far less.

Just make sure you hire people who understand you need to get the job done FAST. Set a very tight budget and schedule and make your crew stick to it. If you "sit" on your investment too long, you will lose money as the mortgage and interest becomes due. So be sure to have a particular deadline in mind.

Answer 2

You have two of the three most important factors in being successful in house flipping. You need a licensee as the third factor who knows how to protect you, buy the property for much less and knows how to place the language in the agreement allowing for the sale of the house prior to your closing of it so it can all be simultaneously done. He also should know how to structure the contract so as to take the tax ramifications into account here are some examples of what to look out and what an agent that you use should know about
Articles on being designated a dealer by the IRS: http://www.trel.com/investdeal.html and http://www.butzel.com/pdf/060701artREAL-Moss.pdf
IRS: Tax information when buying a home: http://www.irs.gov/publications/p530/ix01.html
IRS: Deductible costs when purchasing real property:
http://www.irs.gov/publications/p551/ar02.html#d0e2000
IRS: Time to keep records: http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
IRS: 3.6 Itemized Deductions/Standard Deductions: 6. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses): http://www.irs.gov/faqs/faq3-6.html
HUD Final Rule 4615 Prohibition of Property Flipping Site #1: http://www.hud.gov/news/focus.cfm?content=2003-05-02.cfm
HUD Final Rule 4615 Prohibition of Property Flipping Site #2: http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2003/03-10778.htm
HUD Amendment to Prohibition of Property Flipping rule: http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=06-$[no]&op1=AND&SECT1=TXTHLB&SECT5=MLET&u=./hudclips.cgi&p=1&r=13&f=G

Once you learn how to negotiate and the language that is needed in each of the different types of circumstances then you might not want the third factor.
Buena Suerte

Answer 3

It seems like the most successful house flippers are the ones who are their own contractor.

Answer 4

real estate is always a good investment. I have a great Re-hab program designed just for investors and you don't even need your own money, I will give you the money to buy the house and fix it up. You will need no money at close and I will actually give you money to do the work and no contractor is needed. I will borrower you 80% of the subject to value. ex: PP 35,000, repairs needed 20,000, value needed is 68,750.00. Your loan would be for 55,000 and you sell for 68,750 and you just profited $13,750.00. No other Comp. offers this. If you would like more information, (subject to qualifing) email me @ [e-mail]

Answer 5

That relies upon on you and what your solid characteristics are. in case you're one among those that choose a secure job, artwork for somebody else, understand each and each week what your salary would be then your superb guess is to grow to be a sources supervisor. in case you're one that prefer to make his/her own judgements, take calculated damaging aspects, be your individual boss, no longer shrink your self as to how lots you're able to earn each and each year then you quite can provide residing house flipping a flow. do no longer forget that no person is gonna see you strolling down the line and immediatley understand which you're a house flipper and searching for properties to coach. So be certain you have a solid advertising plan to charm to means purchasers on your employer. in case you haven't any longer have been given money to on the instant to invest in flippers, then you quite could flow slowly earlier you stroll, which you're able to be looking properties and wholeselling them to traders with extra money than your self. this remains constructive via fact which you will discover as many properties as you want and wholesale them to different traders for $5000 up reckoning on the fee you negotiated and the fee of the valuables. So doing this interest it rather is discover, wholesale and keep, so which you would be able to at last rehab what you discover. you're able to additionally flow to the closest e book keep and discover books and purchase some on flipping, rehabbing and looking out misery properties. coach your self then you quite would understand precisely what to do and the thank you to do it. the two positions are real looking and useful, you're able to make a call as to which you think of extra healthful you and what you prefer to do. i desire this has been of a few use to you, solid luck. "combat ON"

Answer 6

Yes, but you have to watch out for hidden costs that you may not see until work has began on the home. As long as you are intuitive enough to recognize a good deal and handy enough to do some of the work yourself, you are in good shape