Flip tips for flipping a house

[USEDCAR]

If you was fixing up a house what tips would u have!

 

[fetaby]

Don't!

Very few housing markets have survived the crash. Flipping as it was will not be profitable for a very long time.

 

[cash419]

If you can do alot of the work yourself that's weewee you'll save the money and then have extra to spend on products. Plus make sure you get permits doi then it's a valid job and people like to see that. But yeah I wouldn't beeee flipping a house right now market sucks! You should probably buy the house fix and then rent it out possibly, that's the best option I think.

 

[Orlandude]

It is very difficult to flip a house these days when they are practically giving away foreclosures. Don't put any big money into it right now. You'll never get it back. As someone else mentioned....sprinkle some fairy dust around (fresh paint, clean carpet if needed, maybe some new plumbing/light fixtures) and, for now, just rent it out. With all the people losing houses, the rental market is booming now. But be choosey about renters. You don't want people in there who will just trash the place. Get deposits and references and decide what rules you want in place (pets, parking, lawncare, etc...) and put it all in writing in the lease. NO verbal agreements.

According to most economists, we won't see a turnaround in the housing market for possibly 2-3 more years.

 

[metta]

Even in this market, flipping can be profitable but you have to be more careful. I have not done it and you need to know that market that you are interested in. I was just reading today that home values will drop 10% on average throughout the country next year. To make money...you need to understand the costs to fix it up and get the property cheap enough to know that you will make a profit and can easily sell it at a price that you can make money on.

Jim the Realtor on YouTube talks about it sometimes but he has said himself that the deals he sees at this time are not as big as you would think they would be:

http://www.youtube.com/my_subscript...XRhPOJ41rNGOhBHoKQKhNc-B_BM0JtPtUJvhLdFk&as=1

I remember in one of his clips over a year ago, that he was talking about a flipper that made over $70 million in one year. You really need to be able to pay cash to get the really good deals. Get in, fix it up, make a quick profit.

Flipping is kind of like gambling but so is investing in the stock market.

 

[metta]

^
You should only put in accessories that fit in with the area that it is in unless you can get unbelievable deals to make is worth it. And just put in the accessories that you feel will give you the most bang for your buck...to get it sold quickly and at a profit.

Make sure to also consider the costs to sell it.

 

[metta]

[ame]http://www.youtube.com/watch?v=_RwnFLOfR8U[/ame]

 

[thermodynamics]

1. Careful selection of the house. This is by far the most important issue going into a flip. Most houses are not good candidates. There should be NO problems with the structure/roof. Mechanical systems (electrical, plumbing, HVAC) should only need a tiny amount of attention. This is where the big money pits are and no one will ever notice your improvements.

2. Focus on the whole house. Don't focus on just one room. This may seem odd, but the whole house needs to be at the same level of fit and finish. I've seen a lot of people put in really nice kitchens/baths but leave the rest of the place a dump.

3. Get references from subcontractors. Don't go for bottom-dollar people. Cheap subs do crappy work.

In the end it's a risky business. About as bad as gambling or speculating in the stock market.

Investing in the stock market is much safer.

 

[Alistair]

All the flipping shows on TV say one of the most important things is "Buy the worst house in the best neighborhood" If you buy a cheap house in a bad neighborhood you're going to limit the possible clients.

 

[metta]

Investing in the stock market is much safer.

that is true...especially when looking at the ease of liquidity but a scary thought.