Flipping Houses

[alvitae 10+ year member]

I've never done it but have friends that have. One say's he would make more money at is regular job (painting cars). Another says he makes wages but likes the fact that he's his own boss. Another I never asked him how he did but he drove a junky old truck....

The thing I noticed about all of them is they were small time. Buying low price houses in low price neighborhoods.

I think the secret is is go big. 10% profit on a 110k house for hard work and big risk isn't worth it.

 

[IamDeMan 5,000+ posts]

Wondering if anyone here is into it or has done it. I plan I gettin into when I graduate with my construction management degree. Prolly move in Texas (Austin) area where the housing is good, or maybe where a job takes me

Even if there is one area in the nation still moving homes, it is more than likely flooded with others who have been doing this for a while. Profits will be cut throat.

 

[faulkton 5,000+ posts]

this is a perfect time to get into the business.

 

[KINGDELL91 10+ year member]

Well I know in MI there are a lot of grants out there for fixing up homes, so it does not have to be 100% out of your own pocket. If u can find a place like in a historical district or something like that u will get even more grant money.

 

[da box king 10+ year member]

I've never done it but have friends that have. One say's he would make more money at is regular job (painting cars). Another says he makes wages but likes the fact that he's his own boss. Another I never asked him how he did but he drove a junky old truck....
The thing I noticed about all of them is they were small time. Buying low price houses in low price neighborhoods.

I think the secret is is go big. 10% profit on a 110k house for hard work and big risk isn't worth it.

yeah you cant flip houses in shitty heighborhoods.....thats a no no, maybe up and comin ones

10% profit just aint worth it

 

[da box king 10+ year member]

Well I know in MI there are a lot of grants out there for fixing up homes, so it does not have to be 100% out of your own pocket. If u can find a place like in a historical district or something like that u will get even more grant money.

did not know that..hmmm

but also michigan is one place where homes are NOT selling at all

 

[mrogowski 5,000+ posts]

Go on Ebay, there a a lot of really nice homes selling for cheap in Flint Michigan.

 

[KHARPS 10+ year member]

Wondering if anyone here is into it or has done it. I plan I gettin into when I graduate with my construction management degree. Prolly move in Texas (Austin) area where the housing is good, or maybe where a job takes me

I plan on getting into it too a few years after I graduate....market isn't too hot right now.

 

[JimJ 5,000+ posts]

Construction management?

I'd go somewhere that actually has money...Dubai? //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[JimJ 5,000+ posts]

Another I never asked him how he did but he drove a junky old truck....

He's most likely the successful one //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[edzy 10+ year member]

the way things are today, I would focus on multi families. If you get a cheap 3 family, fix it up and rent it out, you will make steady income. Do that a few times then buy larger and larger rental properties. Become a slum lord. Nobody is bying houses, and all the ppl who had houses are now renting.

And location location location. You could have a mansion for 100k for sale, but if its in the hood, is only worth the market value.

Good luck.

 

[BryanCain]

Find yourself a buyer before you do anything. Find a person that actually needs what ever you may build before you sign any papers. Then go around with the buyer looking at houses and find a seller. Ultimately, your only goal is to take care of buyer's needs.

There is a lot of strategies you can tap that will allow you to never have a dollar out of your own pocket.

But first find a buyer. Then find a seller. It is much easier to be in the position of a broker than that of a trader. If you first buy a property then put a lot of money into it, then put it on the market. You are basically throwing dice on a gambling table.

The only time you want to own the property is if you are going to use it as an investment. I.E. - Rental for Income. And even then you don't want to own the property in your legal name. You want to control it through the different legal entities available. Preferably an LLC.

Lots of stuff to learn and find out. Flipping a house can be done with no money down if you play it smart and it can be very lucrative. It doesn't matter about markets if you are connecting buyers and sellers.

 

[v2.0]

Construction management?
I'd go somewhere that actually has money...Dubai? //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

dubai is on the brink of bankruptcy.

 

[MikeyB 5,000+ posts]

Go on Ebay, there a a lot of really nice homes selling for cheap in Flint Michigan.

//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[JimJ 5,000+ posts]

//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

There's about to be an auto industry for sale, too //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif Cheap, move-in condition //content.invisioncic.com/y282845/emoticons/tongue.gif.6130eb82179565f6db8d26d6001dcd24.gif