Flipping homes

[yazbird8]

I would like to open up a general discussion about flipping homes. The do's and don'ts of flipping homes. Sharing your experiences. What you enjoyed (and hated) about your experience. Are there tips for dealing with realtors and banks?...Are there ways to make money flipping homes in a down real estate market?....I would love to hear any and all things pertaining to flipping or renovating in general....I live in the north and have the oppotunity to go south for 4 months so this is something I am very interested in as another potential source of income.


I spent two months this past winter in the Florida panhandle doing a complete home makeover..From replacing roof rafters and plywood and new roof shingles, new siding and trim, gutters, electrical, tile and wood floors, new appliances, painting, carpeting, etc, we pretty much did it all...I financed the project myself because I couldn't secure a loan (new business start-up). I am thinking of putting a 600-700 sf addition on the place this winter so I can either flip and buy another home to flip, or rent it out for more money and flip it when the market improves....I will try again this year to get some financing (now that my track record in the PW biz is better established)....Has anyone flipped or renovated homes before?......Please share !.......

Thanks

YAZ

Stephen Andrews
Power Washing
Home & Property
Care & Miantenance

[jnoden]

I havent flipped a home yet but have been researching it and have a book that I am reading because I may do one this winter if I can find the right deal. Finding the right deal is definately the most important part. Just remember that if you buy a place for say 100k you are probably looking at 5k in closing cost and transferring ownership. If you put 10k in to the house and say you carry the mortgage for 3 months then theres maybe another 2k. then you put it on the market for 150K (you need to make sure before you buy the house that it will be worth 150k after rehabbing cost) if it sells than you owe about 9k to the realator (s) and that would leave you with approximately 24k gross.

I think here in the north east you can buy homes for a little less during the winter months and sell for a little more than avg in the spring. So if I were to get a place in Dec and have it ready to show in say march, it could be a great way to make some money over the winter. Check out thisforum if you want to learn more about it.
Real Estate Investing Discussion Forum!

[VanDiesel99]

I am currently in the process of totally flipping a house here in Kentucky. I got it for a song, I will actually put twice as much money in the house as I paid for it . I will put up some pictures of the before, I haven't got any afters yet. Its the worst looking house on the street, which means its property value will actually go up after fixing this place up. We have gutted everything, drywall, lathe, cabinets, bathroom, kitchen. I plan to do all the work with my own crew so that should save some money and keeps us busy too!

[yazbird8]

I can't wait to see the pictures. It sounds to me like you can make some good money on this one....How is the market in your area?...Are homes selling?......Good luck and have fun...

YAZ

Stephen Andrews
Power Washing
Home & Property
Care & Miantenance

[VanDiesel99]

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