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What does it take to involve myself in house flipping as a business?

I am interested in flipping houses for a profit. How do I get started? If I see a house that costs $100,000, do I buy it as if I was buying a home for myself and take out a mortage? What other info. could any of you give me? What honest and decent books are available to me on this subject? Any help you can give me is greatly appreciated.

5 Responses to “What does it take to involve myself in house flipping as a business?”

  • m c:

    More details here than there is space to explain. Look into real estate laws.

  • Michael Chantrel:

    Depending on where you live, house-flipping could be risky at the moment. The housing prices in many areas of the US are flattening and falling.

    However, if you still think this is for you, then you would start by buying a home, taking a mortgage, potentially fixing it up a bit and then putting it back on the market. If you can do the work on the home yourself, you save a lot of money. The faster you can turn it over as well, the less it costs you.

    Some folks will tell you that you can buy a property with no money down and flip it for a profit. You can really only do this easily in a market where the house values are going up in double digit percentages, which we’ve had in the US in the last few years. But that’s now changing, so you might have to move carefully.

    Also, beware of “exotic” mortgages, unless you can afford to take a loss. If you take a mortgage where you are not paying down the principle, you REALLY have to turn a house over fast, and it must be going up in value.

  • Thomas H:

    1) Decide what you are looking to do. Are you only looking for fixers? If so, will you do the work yourself? If you hire the work out will you make any money? Will you live in the house for a couple of years or will you sell it after the work is done?

    2) Get a mortgage lender that you trust. If the home will be for you to live in for a while then you just take out a standard mortgage. There are so many different mortgages out there…so you need to decide which one is the best for you. You could also look for a private investor, just make sure to investigate them and make a good contract.

    2) Get a good realtor. Make sure it is someone that understands what you are trying to do, not just someone that is trying to sell the most expensive home to you.

    3) Check with your insurance agent. If you are not living in the home you will need to still have it insured. If the home isn’t lived in most insurance companies do not want to insure a house that is sitting empty for long.

    Beware though that soooo many people are now getting into this market without doing their homework. Many are losing money because the house doesn’t sell, they put too much into it, they had to hire too much out, etc.

    A good book is “Find it, Buy it, Fix it”. That was the first one that I bought.

    Feel free to e-mail me if you have further questions. I have invested into real estate myself.

  • stepup1895:

    Sandwich leases are great.
    Take over the mortgage and get tenant to pay higher rent that covers mortgage plus extra for profit.
    Rick Otton explains this well…www.rickotton.com

  • the dream:

    Start with getting a good mortgage lender; I can recommend several.

    Find a good rehab company; a company that does all the work quickly–carpet, small electrical , plumbing ,painting….what it takes to get the place ship shape in a hurry.

    Investigate sherriff’s sales in your area to buy foreclosures.

    Have an idea in place of who you want to sell to; it is best to have your buyer ahead of time.

    Be prepared to live in it until it is sold; this will save you money and actually hedge your position a bit.

    Contact me for more mortgage info or other questions at:
    williamsandlin2004@yahoo.com

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