Have you ever flipped a house?

Question

What was your experience and would you reccomend it to another?

Answer 1

You should contact your local REIA or real estate investor association. They can advise you on building a team.

So you will have lawyer who understand what you are doing. A handyman who will charge you the trade price and not the retail price for your repairs.

You will find also at the REIA hard money lenders who will loan you money without even checking your credit and private money lenders who will charge you less than the hard money guys.

You will learn the hot spots in your area where to buy and methods for sell faster and more profitable.

I am a real estate investor who has gotten more help from my REIA than I can describe here.

Answer 2

Flipping property is a very good way of earning a living. I have had a very good expereience at flipping here in California, I had a very good mentor, that slapped my hands when I made mistakes and was lavish with the praise when I did not make mistakes.

I would recommend flipping to anyone.

Now if you think that it is as easy as you see on these TV shows, go to work for Wal-Mart.

You have to be a go getter, find a way to market yourself to individuals that want to sell their house and that you want to purchase.

Then you have to be able to pick the houses you want to buy so as you can make a profit from what you purchase. You have to be able to solve lots of owner problems, work well with others, schedule closings, rehab time and marketing of the property.

Then comes the selling problems. You will have some of the same problems as you had with the buyers as you did with the sellers.

I am having a tough time with some people telling you that this is a buyer's market, but don't buy a house or invest.

You have to purchase one of the guru's midnight packages. They offer many contracts, scripts and other things necessary to be successful in this field. (Just don't buy into the hype). You also have continue to educate yourself on the new concepts that creep into the market every now ad then, because things change.

Make sure you check with the city the property is located in because some of the work required will need a permit while some will not.

But if you don't know what requires a permit and what does not require a permit. The city can close your operations down for as long as two or more weeks if the item you are repairing need a permit and you fail to get one.

Another thing all repairs do not require a construction company to do. Check with the local Home Depot and Lowes. You will find plenty of painters, tile layers, and people that will and can cut grass.

You will eventually get a team of rehabbers you can trust.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

What is your definition of flipping? If you purchase a home in need of work and you perform the work and that raises the value of the home you are ok. Just don't buy a house for 100k and sell it for 200k with out justifiable improvements within a logical amount of time

Answer 4

it is not like on tv. You need money to purchase the distressed property and money to do the work. Then it may take up to 1-2 years before you find just the right buyer and may have to carry it until then.

takes money to make money and you better have a clue what you are doing

Answer 5

I am in the process of doing that now. If you know enough about the specific real estate market, go for it. See if you can find a buyer for the property before you buy and it eliminates much of the risk.