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jae1943 | What is the best advice on flippling a house for the first time? |
I want to know all pros/cons for flipping houses...especially for the first time. What are good strategies in doing it? |
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badbadboy6979
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Read books, lots and lots of books. Before you buy the first house, read AT LEAST 10 books.
If this is your first house to flip, I'm willing to bet you're gambling just about every penny you own on it. Learn from other peoples mistakes, this is not a business you can start out learning the hard way. |
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Skip
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There are several things you need to know when flipping properties.
First of all you should go to the nearest book store, purchase several books on buying, fixing and flipping properties. There are several that you might be interested in.
Once or while you are doing this you should buy one of the TV guru's distressed property programs. These programs will give you some legal forms you might use when writing an offer to purchase a property. You will also find several scripts to use in taking to your potential clients. The also give you tips and a formula on how to figure if you have a property that you can make money from before buying.
If you are without funds to accomplish this business, you will have to find some investors that will assist you. You will have to make a deal with them about a certain percentage of the profits made from the sale of the property.
Normally this is 50/50 however it could be more or less depending on how your relationship is with the investor.
Now you have to determine how you are gonna market yourself to get.
#1 You can advertise in your local paper that you are in the business of purchasing foreclosures.
#2 You can do a direct mail to people in your city stating that you are now in the foreclosure business.
#3 You can select an area of your city that you want to work and target your that area with your energy. You can walk the area pass out flyers that you are now in the business of buying property distressed, divorced and foreclosures as well as probate property.
Pass out these flyers for at least 2-3 months after which you should go to a newsletter of some sort while still explaining that you purchase properties.
You will want to form a professional team to assist you in your new career field, which should be composed of but not limited to an attorney, cpa, tax preparer, notary public, title rep, real estate agent and others that you feel will make you successful.
They should pass out your business card to their clients that need your services and you should pass out their cards to your clients that need their services
I hope this has been of some use to you, good luck
"FIGHT ON" |
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Bruce
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Usually the longer you wait the more money you get. I would find out what the houses in the general area are selling for. Get your house into the peak selling condition. Then put it on the market for a little more than you want and see what happens. If you can watch the program on tv called buy me, watch it. It gives alot of insight into what goes on when selling a house. Go for a no inspection, because they just use that to beat you down in your price. Go for a flexible move out time that suits your needs. And remember don't tell your realistate person that you would be willing to sell for less than you ask for. And also don't give your realistate more than 5% commission. And don't forget you have the option of selling it private with no commissions. |
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Dani D
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As with most things in life... Keep It Simple!!! Don't get overwhelmed with putting expensive things in the home such as kitchen cabinets, flooring, vanities, etc. Chances are the buyer is going to change some if not all of those items to their own tastes. Concentrate more on making sure that the walls are finished properly, the ceiling textures match and aren't cracked, plumbing and wiring are up to date..... Another thing is to get in with a Realtor that handles bank repo properties so that they are sure to give you a ring as soon as they get a good investment property with possibilities for an easy flip. |
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My 2 Cents
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Pros: Money(obviously)
Cons: You have to own the home for a minimum of 6 months; most lenders don't want to see a home that was bought for much less and then sold a short time later. 9 months to a year is a safe time frame but some lenders are not as picky as others. It all depends upon who the buyer uses, but if it is a cash deal you are good to go. You also will need to look into the condition of the home and if you will have to make repairs, etc. Lenders if they are involved want to know that there is proof for an increase in value in short period of time. For instance, you buy a foreclosure, HUD for $50K and 6 months later you sell it for $100K; you better have receipts, evidence in the home, etc. that mounts a $50K increase in value. My recommendation would be take pictures of the home before and after if you do repairs and also keep ALL receipts. As a Loan Processor I see this often and investors frown upon Flips. Hope that gives you some idea. Flipping is a good way to make money but you have to have proof as well or a shady lender and appraiser. One more point; you also need to get the home appraised to see what homes around the area are selling for so you know if you "Flip" it. |
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M d
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1.Research
2. Do it the 1st time with someone u trust who is experianced. be their student.
3. talk with the lenders of several banks. they can put u in touch with someone who will advise whether you can really afford this venture.
4.Don't be in a hurry to make a fortune.
5. be able to do alot of th e hands on repairs yourself. this way you will make more profit. if you can't , get your plumbers, carpenter, etc. to sign a contract stating their finish date. If not you may be paying the note alot longer than u think.
good luck. |
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poutine
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If you flip houses in Canada, it's called INCOME if you don't keep the house at least a year before you 'flip'. |
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Jill J
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Check out your local Real Estate Investor Association. Ours in Pittsburgh is called ACRE for American Congress of Real Estate. They have cheap classes for flipping.
You do not need to own the property for a long period of time to flip it. You just need to find a Mortgage Broker that is experienced in handling flipped properties. I have bought and sold a property in as little as 2.5 months with an $18k profit and only spend $510 plus advertising. You can sell a house with cracks in the walls and you can sell a house that is Not up to date. You just do not make as much money on them because the buyer usually has poor credit and is willing to take less to own a home. I like mine to at least be safe and in move in condition. It is still a win, win for them because they probably will Not be financed for 100% so they are willing to do some of the repairs themselves.
So my advice is the less cash a buyer has to bring to the table the better. Look for at least a 3 bedroom house and 1.5 baths to flip the fastest. Include a refrigerator and stove and sell the house "as is".
Oh, I almost forgot the Pros. lol There is nothing like helping someone buy their first home when they were not able to do it on their own. The hugs, laughter and tears of joy are the most memorable. |
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Benjamin C
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Research Property well ,dont use alot of material to flip house in other words find the cheapest way to get the job done that looks the best,Nevertheless u see more of your money... |
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