Has anyone had success flipping houses? If so - what would you say are the most important (let’s say top 3) factors in:
1. Selecting the house.
2. Completing the job.
2007-03-21 09:32:11 · 4 answers · asked by Ralph 7 in Home & Garden ➔ Other - Home & Garden
Stay away from it right now as the slump will kill you and you will be stuck with the house. Try re-habing a rental first.
2007-03-21 09:40:42 · answer #1 · answered by coolhandven 4 · 0⤊ 1⤋
It is a combo of the two. You want to get the right house for the least amount of money. Something that needs minimal work (save on time and money). Then you need to compete it asap so you are not carrying the house for too long (costs money). It should be a house that will sell easily at a good price.
2007-03-21 16:46:10 · answer #2 · answered by Gone fishin' 7 · 1⤊ 0⤋
1. worst house in the best neighborhood, never the other way around.
2. being able to understand what is a cosmetic and what is a structural repair/project.
3. having a vision for the house before you make the offer.
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1. knowing what, how and to WHOM to delegate responsibility. You cannot do it all yourself who you do or do not delegate responsibility to will make or break you.
2. understanding which improvement projects hold the best ROI for your dollar.
3. understanding that you are working on the *new owners* new home and not *your* new home. So many people renovate to their own taste and limit their seller's market tremendously.
2007-03-21 16:42:59 · answer #3 · answered by arjo_reich 3 · 1⤊ 0⤋
Some people say it's a bad time, but I disagree. It is a buyers market now. Just make sure you can hang on for while before resale if needed. There are bargains out there with profit to be made.
2007-03-21 17:46:05 · answer #4 · answered by morris 5 · 0⤊ 0⤋