Have You Ever Bought A Home To Repair And Sell In A Couple Of Months Only To Make Some Fast Money?
2009 September 28
It is called “flip” house.
8 Responses
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It is called “flip” house.
Comments are closed.
I am a Realtor. Many of my clients have done this. before I became a Realtor, my ex husband and I flipped some fixer-uppers. There is money to be made if you buy right- as low as possible; if property is still selling in your location- many real estate markets are slow right now; and if the house just needs cosmetic repairs and cleaning, unless you are a licensed contractor and have special skills such as plumbing, electrical wiring, etc.
Right now, you may want to look for foreclosures. There are more foreclosures now than in recent years. Many of those houses are in disrepair and need fixing.
Yes, be sure the main part of the house are in good shape and working , visual apeal is the most important part, the bath a d kitchen are the most expensive.
No I have not but if I was younger It probably would be something that I would have liked to try. I understand like any other business that unless you have the business contacts and personal skills that it could be a very risky business. Good Luck!! Have Fun!!
First off you have to make sure all repairs are made and all laws are met. These are a must before selling and takes more than a few months. Permits take a few days. Try looking at what you ask and know what it takes for reapirs. Money doesn’t grow on trees.
Flipping houses has been around for many many years, but only recently with the shows flip this house, flip that house, property ladder, and real deal has added to the “craze” that allot of money can be made in flipping houses. I am in the construction field for over 13 years as im still in 20’s, and when i was young there was VERY little knowledge about flipping houses, yes few people did it, and they made lots of money because their were very few into the biz. Now let me tell you the truth about flipping houses, I know what it takes to flip a house, I can build them from ground up, and in all my years have only refused to do 1 job, and that is asbestos removal for very good reasons. I know how contractors are cause a good percentage of my jobs come from contractors that leave the job unfinished and mostly with the clients money and not done right. Any local realestate broker will tell you its a great opportunity because well…they are the ones likely to sell you the property, the only ones that are guaranteed to make money are the real estate agents and the people who sold you the book “easy guide to flipping houses”
Now sorry to put a damper on your hopes of easy money but i dont’ care what anyone says its not going to happen. I’m not saying you can’t make money, but with the realestate market unstable as it is, the competition thats out there against you getting the property you want, the mortgage rates are pretty good, but guess what the foreclosures are allot and that should tell you something, cause obviously they couldnt’ sell their house for market value to keep them from foreclosure.
I have 1000’s of links to flipping houses, i done my research. let me tell you something about those tv shows, they are limited on what they really profit, there are sooo many hidden cost. They cant possibly show you exactly all the problems they encounter in an hour show, it takes them “weeks” to do the jobs. Also let me point out the fact that on these shows they hire people to look at the houses, and matter of fact one of the groups are presently in legal prosecution for criminal acts while filming the show. These shows are made to gear towards people to make them think eye candy.
so fast money is more than likely not going to happen, matter of fact please do your homework cause the fast money can actually backfire and turn into bankrupsty for you. No I have not bought a home to repair, I have thought about it and i will in the future do it. I have even went out and looked at them. I wanted to do it soo bad because of the thousands of dollars able to be made in short time, but im hesitant until i have enough extra capital to lose. Cause thats how it is, whatever you plan to spend dont’ do it unless you can afford to lose it, just like the casino,if you can’t afford to lose it don’t gamble it. Even though i may have not pursued this, it does’tn mean in the future i wont’, and remember I HAVE THE EXPERIENCE! i know how to make the repairs therefore my chances are better than yours. And yes I take risk(im self employed, thats risk right there), but i also calculate my risk before jumping into it.
Do your research, don’t believe in easy money, have a plan, get plenty of estimates and physically check their references in person, call to verify their insurance is in effect and up to date. I planned on having these type of questions on my website, but my time and abilties is limited towards design.
I, myself have never done that, but they do have a television show on HGTV called “Flip That House”, its where the realtor or someone purchases the house and they make it up really nice, then sell it for a nice profit. Last night they made a 98,000 dollar profit!!!
i’ve seen that show “Flip that House” and it’s very entertaining. I admire the people who are willing to do all that work. cuz it’s also work to FIND the properties and then after you find there’s tons of work and you have to be prepared for the unexpected. “expect the unexpected” is a motto in that world and sometimes the unexpected is costly and can knock down your profit margin. i would imagine in a “bad case scenario” you’d would earn the equivalent of $700 a week after taxes (not bad huh?) but in a “worst case scenario” you would lose money but i think that doesn’t happen often. it’s a lot of work both mentally and physically and you can’t get flustered with contractors and 3rd parties. the more experience you gain, the less mistakes you’ll make flipping your next property, and the next, and the next, and so on
Yes. This is how I make a large part of my living. And the other way is by showing people how to prepare their house to sell high and fast.
It definitely beats being a criminal lawyer, which I was until 2003.