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Author Topic: Flipping houses  (Read 628 times)

Offline ReddGirl

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Flipping houses
« on: August 15, 2006, 10:38:34 PM »
Was watching TV and saw this show about people who buy property (mortgage it) and then fix it up and try to resell. Anyone tried it?
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Offline PianoWizard

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Re: Flipping houses
« Reply #1 on: August 16, 2006, 05:01:33 AM »
I've certainly thought about doing some property investment. In this day and age many people are investing in property and flipping houses making a large sums of money, some have even turned it into a profession.

This being the case amateur property developers need to have something to stay ahead of the competition, which is why I am looking at almost every show, article and site. I'm sure that this is something I will do in the near future.

PianoWiz...
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Offline ReddGirl

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Re: Flipping houses
« Reply #2 on: August 17, 2006, 11:14:09 AM »
It seems risky but very lucrative. It seems like you really need to start off very slow. Flipping a property first with inexpensive modifications and then move up.  I think about my maternal grandfather who had no more than fifth grade education but built his house from scratch (including wiring and electrical). I wish I could do basic carpentry.
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Offline jonesl78

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Re: Flipping houses
« Reply #3 on: August 17, 2006, 12:06:16 PM »
 Oddly enough Ken McElroy, author of rich dad poor dad sereis, is against flipping. This seems so out of character for any sucessful investor.. Then again, whatever floats your boat... Personally, as long as I am aware and prepared for the known and unknown risk, I'll take he chance.
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Offline praizeHim

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Re: Flipping houses
« Reply #4 on: August 17, 2006, 08:18:07 PM »
I was quite successful in flipping properties.   Things have changed, however!  Laws within particular states on mortgages, closing techniques, etc.

I would LOVE to do it now, but I just don't have the backup!   Do your homework, I continue to stress get to know the real estate climate IN YOUR AREA...


AND ...... DON"T BUY... I REPEAT... DO NOT BUY somebody's plan!

You can find out what you need to know to effectively flip properties, on the internet!  as well as from  other LGM members!



RG ... could you please "flip" that baby out??? you causing me to STAY in my closet, luvya :o ;D :D :-*
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Offline thomas1168

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Re: Flipping houses
« Reply #5 on: August 20, 2006, 09:05:18 PM »
IT IS AWSOME BUT!!!!!!!!!!!

YOU HAVE TO BE IN CERTAIN MARKETS
PHOENIX
CALI

WE TRIED IT IN ATLANTA AND BY THE TIME THE HOUSE SOLD ALL FEES WE MADE 5000 IT WAS NOT WORTH THE STRESS
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Offline Divinecalling1

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Re: Flipping houses
« Reply #6 on: August 23, 2006, 01:53:30 PM »
This has proven to be somewhat successful for me in the midwest.....Butworking in the  NYC is a whole other story.....,
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Offline thomas1168

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Re: Flipping houses
« Reply #7 on: August 23, 2006, 02:27:35 PM »
ATLANTA IS BAD MARKET RIGHT NOW BUT THE TRENDS ARE SAYING THAR IN THE NEXT 3 4 YEARS PRICED WILL ROCKET
HOUSES HERE ARE UNDER NATIONAL MARKET VALUE
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Offline PianoWizard

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Re: Flipping houses
« Reply #8 on: August 23, 2006, 07:12:59 PM »
Quote from: thomas1168 on August 23, 2006, 02:27:35 PM
ATLANTA IS BAD MARKET RIGHT NOW BUT THE TRENDS ARE SAYING THAR IN THE NEXT 3 4 YEARS PRICED WILL ROCKET
HOUSES HERE ARE UNDER NATIONAL MARKET VALUE

Over here in the UK house prices have skyrocketed. In the April to June period the average house price in England and Wales was up 7.71%. In addition, the number of home sales jumped by 24% compared with last year, this is becoming a more and more prevalent way of making money. Ensure that you do your research.

PianoWiz...
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Offline Cherri

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Re: Flipping houses
« Reply #9 on: August 23, 2006, 09:20:54 PM »
This is part of my future endeavor.
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Offline ReddGirl

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Re: Flipping houses
« Reply #10 on: August 25, 2006, 04:41:24 PM »
I am becoming "obsessed" with this and really want to do it. I am in the research stage so what I can gleam from you guys is much appreciated.
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Offline csedwards2

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Re: Flipping houses
« Reply #11 on: August 25, 2006, 08:30:46 PM »
Quote from: ReddGirl on August 25, 2006, 04:41:24 PM
I am becoming "obsessed" with this and really want to do it. I am in the research stage so what I can gleam from you guys is much appreciated.
Im going to as well. I think since you mentioned this I saw a marathon of Flip That House. Very good stuff and I know people who are doing it in real life. I was really glad on the show that they werent all success stories. The very first episode I caught this young couple only profited about 5k because of gross errors in judgement. Dude quit his job to sell his house!!! Crazy, anyway its not always pretty but the most important thing is to do research, as you said, esp market research.

I beileve you can find a deal in any market, but you have to look long enough.

Successful people look at plenty of deals, make offers on a few, then buy one.
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Offline PianoWizard

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Re: Flipping houses
« Reply #12 on: August 27, 2006, 09:44:10 AM »
Quote from: csedwards2 on August 25, 2006, 08:30:46 PM
I beileve you can find a deal in any market, but you have to look long enough.

Successful people look at plenty of deals, make offers on a few, then buy one.

Wise words "csedwards2"..... :)

PianoWiz...
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Offline playhear

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Re: Flipping houses
« Reply #13 on: August 27, 2006, 07:45:02 PM »
Red, check your PM for a contact.
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Offline ReddGirl

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Re: Flipping houses
« Reply #14 on: August 27, 2006, 11:42:14 PM »
Quote from: playhear on August 27, 2006, 07:45:02 PM
Red, check your PM for a contact.

Thanks Bruh!
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