Do anyone know about flipping houses? Other than whats on t.v.?

Answer 1

I am fully versed on flipping. The best stratigy I have come up with is in a depressed market the best way to buy is: 1) figure out what the property is worth "retail" you can do this by getting a CMA. 2) Then figure the repair cost of the property to make it turn key. 3) Now take the retail price and divied it by 1.3 and then add you repair cost to that total. Then subtract it from the retail price or the price you want to sell for.If there isn't atleast $7K-$10K left over don't buy it.

Answer 2

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 3

The idea of flipping is that you buy a house in good structurakl condition but poor in appearance. You do some minor repairs and decorative things to make it more attractive to a buyer.

You sell quickly and make a profit on the difference between your buying and selling price.

The house needs to be priced generally below market value for a quick sale.

Answer 4

It's not nearly as easy as it sounds. You need a thorough knowledge of the real estate market in which you intend to do your 'flipping'. You may end up buying a distressed property, repair it to standards, and find yourself with an investment worth less than you put into it.

Answer 5

well, yes....i know some i guess...
*start out with some cheaper houses that need some work (NO STRUCTURAL DAMAGE) minor things like leaky fauset, or new tile in bath rooms...things like that

*do the work fast on them...

*check the neighborhood for fast resale...you want the neighborhood to be popular and get alot of traffic (alot of people buying and selling)

*if you have major projects to do and/or houses you will have on the market awhile...check to see what new development are going on in the area for future resale

*last, when selling the house make sure you get enough profit to pocket and put towards another house...sometimes having a renter in the houses while you fix them can really help with payments and give you alittle cash to make the projects happen...most people need that money

well, i hope i was somewhat helpful...you can always email me for more info, good luck!

Answer 6

You know that gravy train is over when young guns are asking how to flip homes on yahoo SO LATE IN THE GAME.
Dont even try it, you will lose your A@@ off big time.

Answer 7

*Does anybody know anything about flipping homes?* is that what you meant to ask? If so yes I am a beginner and have a few tips.