Comments on: The Procedure Of Flipping A House

By: acermill

acermill — Tue, 16 Feb 2010 19:51:59 +0000

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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By: klinkerklank

klinkerklank — Tue, 16 Feb 2010 19:49:59 +0000

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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By: Yanswersmonitorsarenazis

Yanswersmonitorsarenazis — Tue, 16 Feb 2010 19:47:59 +0000

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

By: Ken F

Ken F — Tue, 16 Feb 2010 19:45:59 +0000

"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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By: L K

L K — Tue, 16 Feb 2010 19:43:59 +0000

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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By: tdeb

tdeb — Tue, 16 Feb 2010 14:41:34 +0000

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.