How do you get into flipping houses? What are the steps?
Question:What is a good site to help a starter?
Answers:
First Off, don't watch TV shows about flipping unless they show the long term flips. My wife and I have been doing it for some time now, it is a full time job with research, financial smarts and STRESS!!!
At this moment, my wife is sitting on the other end of the office, researching other properties around our projects, is it midnight by the way on Saturday. So, we work, a lot!
We have also, three times now, emptied our savings to keep going. Things get easy and then things get hard and again and again.
My advice, if you have a decent day job that lets you not worry about where your money is coming from and you get to enjoy yourself, stay there. If you have the bug for risking it all and doing it yourself, give it a try.
Do some reading first, talk to real estate agents about the local market, get to know a local bank who does "construction/interest only short term loans" and be prepared to no have much of a social life for a while.
Read about Casey Serin first: http://en.wikipedia.org/wiki/casey_serin...
the mortgage and real estate industries are in the financial dumps right now. many people in many states are hemmoraghing money, by not able to sell at the same price or above what they purchased property for, and having to rent out property for less than what they pay monthly - just to get some extra cash ,to keep their heads above water.
many of these people have lost and are losing their properties.
house flipping is a bad idea at this time
This is a bad time for real estate flipping it is a good time to buy. but only if you have the money to invest. I have ten houses that I have been forced to rent out because of the economy. Just be smart if you decide to go ahead and have each house inspected before you buy also make sure you have a budget set up and don't break it. also Make sure your Contractors are reliable research and research some more always think ahead. GOOD LUCK
Place your hands under the side of the house and lift quickly as to FLIP the house over LOL
Watch more HGTV with shows like Flip this house
Buy low Sell High
Seriously start slow, do your homework, check out HUD properties on bidselect.com or VA homes on ocwen.com as you can look at those properties before you buy. Depending on your state research sheriff or foreclosure auctions for the best deals with the most risk as you typically buy them as is.
Rehab your first property with yourself doing the work that you can do, sub out what you can't. Take your time and remember the most important part is buying right. Concentrate on houses that were built after 1970 that way you avoid many plumbing , electrical and plaster issues of 100 year old houses. Stay in a price range of first time buyers in your area this way you have the most potential buyers to sell your house to when you put it on the market.
When rehabbing keep in mind that your not living there, install fixtures or floor coverings that are consistent with the price of the home, don't go overboard but definately don't go el cheapo either. Concentrate on kitchens and baths and new paint and carpet.
Don't waste your money on seminars or gurus who will give you nothing but general information
Buy an old junky house. Fix it up. Sell it for a wonderful profit. It takes money or really good credit to start, there is a lot of hard work, and there is a chance that you might lose money in this market.
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