I plan on being a union carpenter and after I become a journeyman (and can afford it) I plan to start flipping houses, because I think I can save more money then most people doing it.... if I can do most of the work myself. Is this true????
2007-09-18 15:10:58 · 6 answers · asked by Anonymous in Home & Garden ➔ Decorating & Remodeling
It all depends on the market. My brother is a contractor and bought houses that needed work, did the work and sold for good profits before it was called flipping. He stopped about 18 months ago and went back to just being a contractor. He has bought a few properties to hang onto until the market changes and he can do the work and sell them for a profit but he can afford to sit on these properties for a couple of years.
He told me when I asked him about that he always try to come up with a generous budget and usually by the time the job is done with quality products that the budget is usually off by 20%.
Good luck!
2007-09-18 15:21:46 · answer #1 · answered by New England Babe 7 · 0⤊ 0⤋
No, smart businessmen don't do the work themselves. Only for the first 1-2 properties.
Your hands are meant for signing cheques and making bank deposits. This is the harsh reality I learned when I started buying, fixing up, and selling homes at a young age.
I can do the work 10 times better than the tradesmen I hire, but have to allot my time to worrying about "the big dollars"
Contrary to what other posters have said in here, now isn't the time to buy. Its in 3 years. I've unloaded a few of my worse properties for top buck last year, and have already watched the prices fall for the first time in over 10 years in Canada. You're in a worse position in the states.
Real advice: Don't ask anyone here, ask my multimillioinaire buds who run the best online Real estate forum:
http://www.magicbullets.com
They'll tell you Everything I just said, and some of these guys own several hundred properties.
2007-09-18 22:24:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
i do this. the biggest cost in flipping is labor. if you can do most or all the work yourself you can save big $$$. however, you have to be realistic in your expectations. if you're working full time job and trying to flip doing all you're own work, ain't gonna happen. you'll be spending two years on one house (i know from experience). so you gotta devote adequate resources to the project (either your own labor/time, or money to pay other people to do it). holding property too long can be costly. however with the market in shambles right now, that's ok if you can afford to hold the property a couple years. the reason you can scoop up repos real cheap now and in the coming months, however the market will be no good for selling for probably a couple years or more. another option is buy now while it's cheap, rent the place out for 2-3 years making thousands $$$ a year, then sell when the market is back up. that's my strategy. i struggle some, but still believe in my eventual success.
2007-09-18 22:24:16 · answer #3 · answered by handygirl 3 · 0⤊ 0⤋
Totally true. My husband and I are "flippers" but he is also a home improvement contractor. You save probably a good 40% doing it yourself. We do it all the time and have been doing it for about 21/2 to 3 years and a contractor for 7 years. Go for it. It may not even take you as long as you think if you can find a great deal on a property.
2007-09-18 22:46:21 · answer #4 · answered by zetty 2 · 0⤊ 0⤋
Depends on what part of the country you live in. Has no one heard of the mortgage crisis and the bursting of the housing bubble?
2007-09-19 01:18:13 · answer #5 · answered by bmi=22 4 · 0⤊ 0⤋
Yes, it is true if the market keeps going the way it is now.
2007-09-18 22:18:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋