i want to know about fliping a house. what are the thing i need to know before i start
2007-10-08 22:22:56 · 6 answers · asked by belynda l 1 in Business & Finance ➔ Renting & Real Estate
1. You need to know your target market INTIMATELY.
2. You need to know construction costs INTIMATELY.
3. You need sufficient construction skill to handle most of the work yourself.
If you're just starting out you'd need to work for an experienced flipper for 2 to 3 years to gain the necessary knowledge and experience. If you're not willing to make that level of committment, find another passion.
2007-10-08 23:19:18 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
That's not the greatest field to jump into right now. You might want to watch that house flipping show on TLC to see what happens to people who jump into this without a clue.
However, if you do proceed, make sure you know the cost of materials and have a realistic idea of what your home could sell for when your finished. Have at least six months of income saved so that carrying costs don't kill you
Selling price = what someone is willing to pay, not "what you paid for house + what you spent on house + the profit you're expecting to make."
2007-10-09 01:42:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There's SO much to know. Search around on the internet and learn as much as you can.
Remember that you make your money when you buy the home. If you buy too high, you may have lost before you even begin. Make sure you have plenty of wiggle room in the rehab costs. Make plenty of friends in the business and look for a mentor.
I can help with financing. I have a unique loan program that can finance 100% of the Purchase Price of the home PLUS 100% of the Rehab costs.
Call me or visit my site for more information
Kevin Blasi 570-836-8336
http://www.NepaMortgageTips.com/flipping
2007-10-09 15:20:33 · answer #3 · answered by Kevin B 3 · 0⤊ 0⤋
The most important thing to know is that it really isn't the best field to get into right now. Wait a few years...when Bush is out of there it will get better.
2007-10-08 22:27:35 · answer #4 · answered by Karen 2 · 0⤊ 1⤋
how to lose money then make it i have done over 30 and i am going to take a break now the market is to expensive to buy in BC Canada
2007-10-08 22:34:40 · answer #5 · answered by evander 3 · 0⤊ 0⤋
Check our creonline.com
these guys mean business. It's a forum for folks like yourself.
2007-10-08 23:02:28 · answer #6 · answered by Ron H. Appraiser 3 · 0⤊ 0⤋