Flipping Homes?

Question

House flipping?

Are there any courses out there for flipping homes?? I think it would be smart to have some courses completed before talking to an investor. That way there is a better chance that the investor will be willing to help me out. I know that flipping houses is very hard, i dont need to be told that. My question is, are there any courses out there? or what kind of courses would be benificial to take?
Thanks in advance.

-Lola

Answer 1

Certainly just enrolling in a general real estate course would help. At the very least you'd learn the market, both local and otherwise. You'd learn the trends; the housing availability in areas, IE: Foreclosures, etc. You'd learn the mechanics of financing, and what lenders are OK with Flipping.

In other words a direct line to the business in a broad sense; and a way to have access to those houses listed that are most available (before many others know); most reasonable; the condition of any house; the market in any area; Buyer/seller trends; Options allowing a buyer to define in a loan that the house isn't thought of as a keeper, IE: length of time one might legally be bound to a mortgage before re-selling; etc. etc. etc.

I've owned a bunch of properties in my time, and many were held as rentals, which isn't a suggestion I'd make for a DIY handy person, but if I was to become involved again, I'd look into investing in multi family units. Flipping, on the other hand is a consideration.

Hope this helps some.

Steven Wolf

Answer 2

There are several good books out. Go to the local bookstore. As for classes, I do not think any exist. There are usually local groups/chapters/clubs of like minded people. They are more than willing to share their experiences because they probably got burned on the first few homes.

People ask me how to make money on these properties. You want to find one that needs more updating than major repair. Have a good sublist ready with the knowledge that they will come quickly with fair pricing. The faster you flip the home, the more chances of making money.

I caution you if you plan on doing all the work yourself on weekends and free time. Remember that you will be paying on the loan, property taxes and utilities while you are working on the house. Foreclosures are a good option but you need all the money upfront. And do not be surprised if your investor takes a large portion of the earnings. Their risk is greater than yours.

Answer 3

Lola,
If you need a course on flipping houses, go get a job building houses.