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Can you really make alot of money flipping houses?

Question by ceza_us: Can you really make alot of money flipping houses?
I want to get started flipping houses, and would like to know if it’s as easy and lucrative as it sounds. fsadf

Best answer:

Answer by carly sue
not easy, very lucrative -if you know what you are doing

What do you think? Answer below!

4 Responses to “Can you really make alot of money flipping houses?”

  • tardis_mom:

    In this market, you will have an easy time buying the house to get started, but will have a hard time getting rid of it. Houses are glutting the market, and there are way more houses for sale than people interested in buying.

  • Eartha Q:

    You wont make as much at they show on T.V…they leave out alot of expenses, including the mortgage payments that you are responsible for every month. If you do it on the “side” in the beginning while still working, that is the best way.

  • leufiger:

    Anything is lucrative so long as you know what you’re doing and are passionate about it. Do your homework if you’re truly interested, buy books, talk to people in the industry. Familiarize yourself with basic construction management, immaculate accounting and develop the skill to see the signs of a home to walk away from vs a home you can work with. One rule of thumb is to bring the home to market standard… not exceed it. Don’t get too emotional in the project either there will be a ton of problems you’ll need to deal with on many different levels and you’ll need a cool head.

  • Will:

    If you’re looking to get started investing in real estate by fixing and flipping houses, you’ll want to know what type of property to buy.

    1. Know Your Market

    Your first task, exploring your market, helps you know a bargain house when you spot one. Look at many houses for sale in your area. Keep track of sales and how long the houses take to sell. Ask selling real estate agents about the terms of these sales because this helps you understand how sellers market their property (some of this information is public record). For instance, if a seller paid closing costs for the buyer, did the price rise from the listed price accordingly? Or, did the seller come down on the price and also pay the buyer’s costs?

    Examine the sales that sell quickly. What home features and financing options prompted the fast sale?

    Also, look at model homes. Buyers often buy resale homes because they can’t wait for a new home to be finished. However, these buyers like the distinctive features new homes offer. Visit model homes and take notes on how details like a water fountain or a new state-of-the-art appliance makes a house sell itself. When you remodel your fixer, you’ll know what attracts buyers and you’ll make smart redesign choices.

    2. Know When “Ugly” Means “Gold”

    When you first start out in your real estate “flipping fixers” business, you’ll want to look for houses needing only cosmetic work. Look for houses that just need cleaning up, painting, and new flooring. Use your imagination when viewing these homes. Try to visualize the finished dollhouse as you look at structural features and the surrounding homes. Make offers on the ugliest houses in decent neighborhoods.

    Don’t be afraid of stinky houses that show horribly. Search for fixers with peeling paint, holes in the wall, stained carpeting, and trash in the yard. Remember, these houses won’t look good to most buyers, but other real estate investors see them as gold mines.

    3. Know When “Ugly” Means “No thanks”

    When you’re new to real estate investing, always remember your limitations. Use caution when considering houses that need structural repairs. Some rehabbers replace walls, plumbing, structural beams, sub-flooring, and electrical systems. These experienced real estate investors acquired those skills after years of experience or they have the money to pay for professional help.

    If you find a house with structural problems, get estimates from reliable contractors to do the work. If the walls have too many cracks and bumps, you may need to hang new sheet rock or hire a professional plaster refinisher. Check for signs of plumbing problems such as water stains under sinks and loose flooring, and get estimates for professional repair. Take professional estimates into account before deciding whether or not to purchase an investment property. Any big expense decreases your eventual profit.

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