Is it a good idea to flip a house in washington state?

Question

I want to start flipping houses but i would like to know if it would be a good idea to flip a house in washington state. i live in lakewood. and i would like to know what is best location in pierce county to flip houses> thank you

Answer 1

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store, purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase.
You might also find a few listed in your public library.

You might also purchase one of the TV guru's programs. In the program you will find several things of interest. A script to use on potential clients that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to arrive at this profit margin.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers outling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighbohood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 houses per month, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

Any location you choose to flip houses is a good location. Finding the motivated seller is the key to successful flipping or wholesaling.

If you are just starting out, I would suggest you do some research on the real estate market and trends in your target area. A great place to do research is http://themligroup.com

Answer 3

if you speak of single family, detached houses and not townhouses or condos, the best place to do your flips would be in any location that is considered to be desirable due to schools and shopping. but especially relating to schools.

why don't you hire a buyer broker to represent YOUR interests, YOUR money, YOUR negotiating tactics, and later, YOUR sale? getting a buyer's broker won't cost you any money, but you will be under contract to be loyal to her. i.e., you don't just walk into some open house, then buy it through the listing agent. you give the agent your broker's card and say you are represented by her. she then handles your contract. why? because if you want to be smart, you want an expert on your side, one that puts YOUR interests ahead of hers, which is only a commission at closing.

you see, an experienced broker is already hip to all the localities that are "hot," or are going to become "hot," or those that already have every little ducky lined up in a row, for the family that you will flip over to. we ALWAYS know which hoods are best. ALWAYS, but unfortunately many of the public are afraid that we are used car salesmen and that all we care about is the almighty dollar, so therefore, we'd walk them into a rotten hood. not so! no way! if we did, would you send your friends to us? would you come back to hire us again, to sell, or to buy? nope. all of my business if via referral and repeat biz, but i worked long and hard for that, always putting my clients' needs way ahead of my own.

your buyer broker can also quite adeptly advise you on WHICH type of house you should buy, to flip. all of them will take work. your buyer broker shouldn't be a trillion a year earner, for she won't have any time to listen to your needs and ideas, which show her how to represent you best. just get one that first:

1. will explain, to your complete understanding, what the word "agency" means;

2. what would happen if she listed a house that you wanted to buy;

3. what she would and would not tell to the seller or the seller's broker. make her give you many examples.

4. then ask her how she'd act as your agent when you are ready to sell the house that she helps you find.

you are right about one thing: there are only 3 words to remember when it comes to real estate investing/living in: they are location, location, location. there you go...

good luck!

Answer 4

Well, I'd love to answer you...but what the heck is flipping a house?