How do I Flip a house?

Question

Flipping a house and the types of loans I should use

Answer 1

Good investors find a way to flip properties even when the market is in a flux.

Do investors that invest in stock stop investing in stock because the market is in a flux, no,they find another way to make money doing the same thing.

There are still many investors doing flips today. You simply have to find out the best method to do it in today's market.

Don't let anyone tell you that there is no money in flipping. Do the smart flippers simply go out of business when the real estate market is in flux as it is now. I don't think so, because for some this is the way they feed their families and prepare for retirement.

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 and 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. You will find script to use on potential individuals 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 use the formula.

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 out ling that you buy foreclosures and distressed properties as well as probates.






After 3-4 weeks of walking in the neighborhood, 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 housed per month to buy and flip, 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

very carefully.
Your financing will be short-term (hopefully), but the more equity (cash) you put in, the lower your carrying costs (interest) as well as financing costs (points, origination fees, etc.). As the previous responder wrote, now is not the time to flip a house unless you're in a rapidly appreciating market. At this time, we're in a period of market adjustment (too many lenders made too many loans to too many people with too little income on too much house). The object of flipping is to buy a distressed property, invest in improvements to the property, and sell it for more than what you put in. In a declining market, this is extremely difficult to do. Moreover, because homes are moving so slowly in most markets, your carrying costs (interest, taxes, insurance, utils, etc...) will grow significantly because the home may be on the market for a LONG time.

Answer 3

You missed the boat. The time to flip a house (especially if it is your first time) is to buy when the real estate market is rising, not falling drastically. Wait till the market just starts to turn around.

Answer 4

get a GIANT spatuala

Answer 5

you gotta ask...dont even try.....