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The Procedure Of Flipping A House
February 16th, 2010 | 
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Flipping real estate is a great way to get rich. For example, you can simply buy a cheap house and make improvements, then sell it fast for more than you paid for it. When you ask most people the secret of success, they would answer you that the secret to flipping a house is not only your labor, but also finding the right house.
Hunt for the good real estate
First, check the local courthouse for new filings of bankruptcy, foreclosure to find a good house to flip. Also check the local paper for “handyman specials,” call local realtors and place an ad in the local paper. Second, knock on doors to find and ask if the owner is interested in selling. Surprisingly many are interested in selling but have not contacted a realtor yet. If they aren’t interested in selling, ask them if they know of anyone who is. Third, find the ugliest house in the nicest neighborhood and one that does not need structural or system repairs. This is the ideal type of house to flip.
Take from the cost of decoration
Price the necessary building materials at a big box store first. Visit the contractors’ supply section, and then you should be able to get a good discount for the whole remodeling job. Visit a used building materials supply store, they can save you a great deal of money if the supplies are in good condition. Paint whatever you can, including appliances that are in good working order, but look old and used. Paint is the cheapest and best way to quickly improve a house. Determine which jobs you will need help with and call a local licensed handyman for an hourly rate. Enlist the help of friends and relatives; or hire local teenagers for jobs you need help with.
Learn about the resources
First, stroll through large flea markets to find permanent booths. Some used building suppliers have been at the same flea markets for more than 20 years. Second, browse the local classified ads for people that are advertising used materials and supplies. The local classifieds are a great source for used appliances in good condition. Third, check hotels and apartments that are remodeling and talk to the owner or builder. You may be able to get used supplies or materials just for moving them out of the way. This is a great source for carpets, lights and cabinets.
Sell the house
First, determine if you should sell on your own, based on real estate commissions and your bottom line. A realtor can save a great deal of time because they already have qualified buyers on hand. Second, advertise in the local papers and online. You can place classified ads online or set up a webpage just for the house. Make sure you list the sales price and have photos for prospective buyers to see. Third, host an open house that has been well advertised. Have coffee and snacks on hand which will make people feel more at ease. Keep a sign in sheet with names and phone numbers of the people attend. Have music playing softly in the background that lends an “at home” feel to the open house. Hand out a flyer that has a photo of the house and pricing information; attach a business card to it. Return all phone calls and answer all questions as soon as possible.
sunshine
http://www.articlesbase.com/real-estate-articles/the-procedure-of-flipping-a-house-700391.html
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Flipping Houses?
I recently have become interested in flipping houses (like on TLC and A&E). Does anyone know the procedures for flipping, or where I can find info on it.
I would really love to get into it as well… I image you would have to have enough money to buy the house first and then enough money to make repairs. Most of the people on the show either do most of the work themselves or have friends who do labor cheaply. I think it would be best if you worked together with someone who has done it before or someone who has experience working on houses
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"Flipping" is generally discouraged for the general investor…you get taxed a high rate on captial gains that you would have to get some very good appreciation to break even. "Flipping" generally works best for real estate agents.
For the rest of us, a buy and hold for one year is what we can expect, preferably on a pre-construction home for maximum appreciation potential, but be prepared to tie up a deposit for a year.
If you can’t consider a new construction, older homes are not a bad choice for a quick turnaround…via fixer uppers. Some people make their living buying a dumpy home in a good neighborhood, acting as the project manager to fix it up, resell, then move onto the next project. If you enjoy this lifestyle, you can probably make a good living after 4 resales.
http://www.amazon.com/Make-Money-Fixer-Uppers-Renovations-Eldred/dp/047143342X/ref=pd_bbs_sr_2/102-9916951-7892154?ie=UTF8&s=books&qid=1183491150&sr=1-2
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It’s really a pretty risky investment. Cost overruns are common, it’s still a slow market to sell, and there’s a real chance you could lose money on it.
But there’s gotta be tons of books at any library or bookstore on it. Go read a ton of them.
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10 years in mortgage banking
If you have to come to yahoo answers to find out how to flip a house, you are probably not ready for it. Would hate to see you get burned and lose everything.
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The boat has already left the dock on flipping successfully. Given the weakness currently existing in real estate markets across the nation, you may well find yourself buying what you think is a deal, fixing it up for resale, and then discovering that its value has now fallen to below what you have invested.
Right now, flipping is a game which should only be played by those heavily experienced in the real estate values market.
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