is it very risky to flip a house?

Question

is it risky to fix up a house and if you succed is it big profit and do you need a license or something for that

Answer 1

Lots of questions and few answers. First, yes it is risky to flip houses. You have to have a pretty good idea of what you are doing. You need to be able to estimate how much it will cost to fix up and what it would sell for after your finished. If you pay too much for the house and then underestimate the fix-up cost you could end up with an overpriced house that is hard to sell. This is especially true in a declining market like todays.
I don't think you need a liscense but you do need to get permits for any work you do.

Answer 2

You don't need a license to buy and sell your property, but you may need a contractor's license in your area if you are going to do some of the repairs yourself and you are not occupying the home.

Flipping is very risky, but with all the shows on TV making it look easy, there are a ton of people out there trying it.

Answer 3

We bought our living house in CA & moved for the time of united states to coach in Florida. the hardest section is asking the right property. in this slow marketplace, you favor to purchase below appraised fee. foreclosure are not as simple to purchase, banks desire marketplace fee or only a schmidge below, and they are regularly puzzling to arise with. Auctions are a most suitable source, yet you should have the money beforehand - which maximum human beings don't have. once you locate that gruesome living house in a most suitable community, then you truly ought to do each and each and every of the paintings your self. settlement workout recurring genuinely at the same time as necessary. decide time as against value. In our case, spending 2 more beneficial personal loan funds made extra experience than procuring tricky paintings. Contractors will eat up your earnings, and regrettably you could placed sweat fairness on your first few flips. keep your receipts for all advancements so that you'll deduct them for tax purposes. we are about to promote our first turn and it sounds like we would make $40k Gross income formerly personal loan prices, realtor expenses and taxes (meaning we are somewhat breaking even)..... they by no skill talk the internet income on those living house flipping shows. yet good day, I made an gruesome living house proper and that i stay in actuality lease loose for the summer season. Haha.

Answer 4

you don't need a license to purchase or sell a house if it is yours. as far as flipping goes, be very careful, especially in this market. the market is still in a downward trend. for instance, there is one investor who was flipping houses in las vegas. he is now in forclosure for 14 properties.
take a look at comps in the area, figure out how much you can do cosmetically (the cheapest input and the most output) and do the math. If the deal looks good, go for it.

Answer 5

I'm an interior decorator who has flipped about ten houses in the last five years. The market is in the crapper right now. Personally, I'm waiting about a year or so until I continue. The sub prime market is just starting to bust . . . it will get much worse and the increase in unemployment will only accelerate the blood bath. Houses are only beginning to depreciate right now . . . be very, very careful.

Answer 6

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Answer 7

I do shortsales here in Vegas, and some of the homes I have for sale come from investors. I still see homes that are from flippers, but the way they are purchasing the properties are by underbidding them by about 25%. There are strategies out there for every market, but this is not the place for a class.
The short answer is no, don't do it.

Answer 8

Yes, it is very risky to try to flip a house, especially in a slow(er) market.

You need to do the math first - purchase price, plus closing costs, plus repair costs, plus holding costs, plus closing costs again when you sell.

Answer 9

If you have to ask then this is something that probably is not for you to do. Especially to ask on THIS site.

Can you qualify for a mortgage?
Can you do extensive home repairs, remodeling, and landscaping?
Are you qualified to analyze the real estate marketing trends in your area?

Best bet? Talk to a reputable real estate agent.

Answer 10

The news is full of great story of people making a killing with flipping. go for it..

http://www.breakingbubble.com/