Flipping Houses

[Louisiana_CRX 5,000+ posts]

I'm working on a deal this week....I figured I'd buy a house ...and give it a try....I'm gonna start with a small house and go through it and see how it works..the house I'm looking at is 2000sq ft...3 bedroom 2 bath...nice neighborhood....it is still 70's interior ...I'm gonna modernize it...

 

[Louisiana_CRX 5,000+ posts]

Here is a link to the house I'm buying ...it has a really nice lot...actually a tad bigger than stated....I figure its cheap enough ...I'm paying cash for it.....

http://www.realtor.com/search/listingdetail.aspx?srcnt=3&fhcnt=4&loc=hodge+%2cLA&usrloc=hodge+%2cLA&ml=8&typ=3F&sid=ce5d1776b5a442b6b7ad0fe27a9884be&lid=1102031596&lsn=3

 

[Pottro 563 10+ year member]

my parent dont flip them, but they purchase duplexes and smaller residential homes and just rent them out. i would like to start doing that. you can make your own mortage plus the mortage of the house being rented. that is win. you just have to remember that upkeep is expensive and finding the right tenants is exactly easy either.

 

[da box king 10+ year member]

my parent dont flip them, but they purchase duplexes and smaller residential homes and just rent them out. i would like to start doing that. you can make your own mortage plus the mortage of the house being rented. that is win. you just have to remember that upkeep is expensive and finding the right tenants is exactly easy either.

I have worked with guys that have rented 50 properties at once, and it literally looks like it drove him crazy, and to be an alcohalic. Being a landlord is a lot of work esp if yur tenants blow...somethin to think about

My boss owns many properties, and them and his deer ranch is what keeps his lumber yard goin

 

[da box king 10+ year member]

Here is a link to the house I'm buying ...it has a really nice lot...actually a tad bigger than stated....I figure its cheap enough ...I'm paying cash for it.....
http://www.realtor.com/search/listingdetail.aspx?srcnt=3&fhcnt=4&loc=hodge+%2cLA&usrloc=hodge+%2cLA&ml=8&typ=3F&sid=ce5d1776b5a442b6b7ad0fe27a9884be&lid=1102031596&lsn=3

looks like blank canvas...if the neighborhood is right than you could do well

btw how do you plan on buying the house with shitty credit?

 

[quest51210 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

housing market in austin is just like most parts in Cali. the house i was leasing there 8 years ago for $500 is now leasing for $1500. in an older neighborhood and the house was from the late 60's.

in other words a $50K house bumped up to $150K+

if you get in the market now it sucks, the eastside is a poorer area and $25k will be a dilapidated mess with $30-30K+ in repair. foundation, roof, new floors, updated electrical, plumbing, new approaches, the sidewalks will be trash, and the area will be relatively unsafe.

 

[da box king 10+ year member]

housing market in austin is just like most parts in Cali. the house i was leasing there 8 years ago for $500 is now leasing for $1500. in an older neighborhood and the house was from the late 60's.
in other words a $50K house bumped up to $150K+

if you get in the market now it sucks, the eastside is a poorer area and $25k will be a dilapidated mess with $30-30K+ in repair. foundation, roof, new floors, updated electrical, plumbing, new approaches, the sidewalks will be trash, and the area will be relatively unsafe.

I've seen those areas....the houses are absolutely trash, but when done right I've seen them sell for a good chunk even tho the other houses around still need work. Experts say that the area is on a rise, and up and coming

 

[quest51210 10+ year member]

its not an up and coming area. san antonio is, i know that for a fact

 

[da box king 10+ year member]

its not an up and coming area. san antonio is, i know that for a fact

nice, thx for the info. I might be movin down there for an internship for the summer so we'll see what happens

 

[Louisiana_CRX 5,000+ posts]

looks like blank canvas...if the neighborhood is right than you could do well
btw how do you plan on buying the house with shitty credit?

you don't need credit when you pay cash....

 

[jiggy2dmax 10+ year member]

you don't need credit when you pay cash....

Easier to get a loan for a house than one to do repairs and then use the cash to do repairs/fix etc, unless you have the cash to do both then more power to you.

You can't buy a Condo or even a room in NY for less than $200k //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

 

[bigbangtheory 5,000+ posts]

2000sqft is small?

Actually that house don't look 2000sqft......strange.

Anyway, I guess I kinda flipped a house some years ago and made a nice profit on. Hell, I still have that money in the bank. Saving for a house hopefully this summer or next. Just depends! Both me and the wifes credit are not so hot.

Like others said, it takes money to make money. I refinanced my house to get the money to build on, which ended up I had a much better job then and paid it off in a couple years, but I made 50k profit when I sold the house. Cost me 35k to do the remodeling and what not. New garage, driveway, refinished basement and bathroom. Would have cost me a lot more if it wasn't for help from some good friends.

 

[quest51210 10+ year member]

i bought 3 properties in my neighborhood in a pertnership with my dad 7 years ago. bought all three for $65k. sat on them for a few years, rented for awhile, and as the area began to get better resale prices picked up $65K on the first home and $80 and $100k respectively.

 

[da box king 10+ year member]

i bought 3 properties in my neighborhood in a pertnership with my dad 7 years ago. bought all three for $65k. sat on them for a few years, rented for awhile, and as the area began to get better resale prices picked up $65K on the first home and $80 and $100k respectively.

very very solid man...I'd throw it in my 401k and invest a little more

 

[quest51210 10+ year member]

its invested soundly...there are many other homes in the area that sell for 25-40k range that can easily be flipped with little investment on your end.