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 Elite Veteran
Posts: 937
  
| Does anyone flip houses for a living or for extra money? I know there is a pretty good money and time investment involved. What are the small things to look out for? Do you flip repo houses or buy from people or real estate agents? What are the most common money pit problems you find in the houses? Thanks!  |
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 Midget Lover
  
Location: Kentucky | My husband works for my Dad, who owns a home remodeling company. Sometimes we take on side jobs that my Dad doesn't have time for. I will tell you that it's expensive at first, especially since you need a lot tools, some of which are speciality tools. Repo houses seem to be the best bang for your buck, just do your research on the home before buying. Check out any laws and insurance policies in your area also. Private buyers cannot "flip" in my state, they have to register as investors. |
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Elite Veteran
Posts: 915
Location: SE KS | My mom has 3 houses, at the moment. She bought the first 2 as foreclosures & very cheap. She does most of the work herself, but does hire plumber, electrician, etc. to make sure that is done properly. She keeps it simple, most of them just need a few things fixed & remodeled then painted etc. and then cleaned top to bottom.
We are in SE KS |
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Veteran
Posts: 234
| Location is a huge deal it must be in a desirable location and or town - and the foundation is the most problematic as a person cant get financing if there is a foundation issue |
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 Veteran
Posts: 173
Location: Somewhere over the rainbow | Mu husband and I did several but we had a different approach. I had a license and that really helped on many levels. You can PM me for more details. Always have a hitlist and a budget, then double the budget. Why? There are always more things wrong than you think and thinks always cost more that you think. Better to over budget and have money left over than to under budget and have to cut corners.
Look for houses that have had recent upgrades to the mechanics of the house only need cosmetic work done. You can do cosmetic work on your own and pay less in labor.
Good luck. If you do it right you can make really good money...do it wrong and well...  |
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Flipping Houses