I am buying a house to flip. I have bought a couple of investment properties and have done work on them, but this is the first house I am flipping. I was wondering about what gets the best returns on your money, what things are better to have someone do professionally (money compared to time and/or quality level) don't worry about giving me your good tips because I'm not in your market, and if I am, I will just help your values and recent sale figures go up. So don' tbe stingy help out. Thanks!
2007-05-28 20:50:10 · 6 answers · asked by billtronix 3 in Business & Finance ➔ Renting & Real Estate
To the people calling me greedy. I don't really care about those answers, that is not an answer to my question. I donate quite a bit of money to charities and am just looking for a little good advice. Just to let people know I am creating work for good people and I feel pretty good when I take an old beat up house and make it a nice livable situation.
2007-05-28 21:36:26 · update #1
You have to get compts in the area, making sure that your purchase price and rehab cost will yield you a profit.
That being done sit down, make out a list of things that you want to repair. You will also want to take into how long this project will take to complete.
You might want to put the propeerty up for sale about
#1 All worn carpet should be done. (You can consider giving the buyer a credit so they can select the carpet of their choice)
#2 Bathrooms and kitchen should be up graded if they are more than 10 years old.
#3 Look at the roof and have an inspector look at it. (Again you can do it or give the buyers a credit)
#4 Interior and exterior painting as well as repairing any holes in the walls.
#5 Curb appeal (when your buyer drive up to the place they should feel that this is it and "WOW")
#6 Make sure all the doors work, you might consider painting them and replacing the hardware.
#7 If there are hardwood floors make sure they are at the least polished and if necessary repaired.
#8 Last but not least look at all water pipes for leaks. Look at all the electrical outlets (Might wanna replace them) Get a pro to find leaks and repair any serious electrical problems.
Now look at your budget for labor and cost of material, making sure that you have stayed within the limit. Don't forget there is hold time, you know the mortgage you have to pay until the property is sold.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-29 05:07:13 · answer #1 · answered by loanmasterone 7 · 0⤊ 0⤋
Not calling you greedy but 'maybe' uninformed? It is an extremely volatile time to try to get into 'flipping'. The market is going downhill fast and not enough buyers. So if you are prepared of facing the possibility of losing our A$$ off, flip on.
2007-05-29 07:37:04 · answer #2 · answered by Anonymous · 0⤊ 1⤋
I see Home Depot advertising carpet. One room or your entire house the cost of installation is $199. You'd have to look and ask questions at the store.
2016-05-20 04:56:01 · answer #3 · answered by ? 3 · 0⤊ 0⤋
with the strategy,you purchase a distressed property well below fmv and sell it immediately to another investor who will do all the work improving the property.the second short-term strategy you negotiate a substantial discount on any type of property and you immediately assign that property to another investor.
2007-05-28 21:44:27 · answer #4 · answered by endgame1915 3 · 0⤊ 0⤋
My tip is it's a bad time to enter the flipping business. Other than that there are too many variables regarding neighborhood levels, your skill levels, city codes, etc to give a definitive answer.
2007-05-28 21:18:17 · answer #5 · answered by HPH 2 · 1⤊ 2⤋
There should be much stricter laws and penalties on *flipping* properties. I'm with the first dude, selfish greedy flippers need to be downsized.
2007-05-28 21:23:16 · answer #6 · answered by Anonymous · 1⤊ 2⤋