Flip this house?

Question

Hi im looking to buy foreclosed home and make them look nice. I have been getting alot of foreclosed home website but i have to pay for all of them.I watch that show flip tis house its some thing i would like to get into i have the money for it anyone have any suggestions or website.thanks. i live in northern california

Answer 1

You need to get yourself a realtor.

Answer 2

The first main concern is the market conditions. I would become very close friends with a realtor for many many financial and intangible reasons. They know the market (hot, cold), they know the going rate on ROI (return on investments), they know the "hot" areas, the good values, the leases (if you decide you can't sell, back up plan to lease/rent), etc...

Now, on "flipping a house", the other concern is not only the capital you have to spend but how much can you save...the more you save, the more you make. Why buy a house for 120k, sink 20k into it, now you have to sell the house for 150k if you want to walk away with any cash (not including selling costs, etc...) The real winners are able to do much of the work themselves. so buy a house for 120, spend 5 on materials (saving 15k on labor cuz you did it yourself) and then sell the house for 140 or 150. Ive seen several coworkers thinking they have the capital to flip the house but they end up pricing themselves out of the market (also a friend in real estate in your area can help you avoid.)

Answer 3

While Im sure there is money to be made in fixing up houses and re-selling them, those shows seem a bit more Hollywood then MainStreet. In fact, the guy in Atlanta on Flip This House was shown to be a fraud. You have to buy a house cheap enough, including fix up costs, to make a decent return. And with home prices coming down you have to be extra careful that you arnt buying someone else's money pit. You might be better off investing with someone who has done a few first, and watch how they do it, before you take on the project yourself.

Answer 4

Due to the popularity of the house flipping shows, there are a ton of people thinking the same thing you are, and driving up the prices.

Try checking http://www.hud.gov for HUD repossessions.

Foreclosure websites are not known for their accuracy, I receive calls once in a while for homes that are slated for sale or auction, but haven't made it to that point yet.

Answer 5

Flip this house is a TV show that causes me lots of extra work and heartache. Contact an Investment Realtor who knows the process of doing this type of transaction. It is not as easy as on TV, but if done properly, can be a great money maker.

Answer 6

Check your market before you try to get involved in flipping ! For the most part, the boom in flips is over and gone. With the situation with real estate market values right now, you could find yourself with what you think is a deal right now, only to spend money and labor in fixing it up, and then discovering that the current market value has fallen below what you have invested.

Answer 7

First, never pay for this information on foreclosed homes.

If you go to your county sheriff's website, they usually have a list of foreclosure sales. If the list is not on their website, call them. This is all public information and is free.

Answer 8

I Have the answer to your question!
Try www. kjonesrealestateinvestment .com
They have a turnkey program that is FREE!!!! Fill out their form and they will call you back! They will give you a profit projection analysis based on your situation.
They will help you do everything!!!! They even guarantee your profit projection analysis, in other words they guarantee that you will make the money they say you will !
Good Luck!