can you explain...

[patricia]

what house flipping is?

i am new here, and would like to learn about this, and learn just exactly what it is

thanks
patricia

[flippinout]

House flipping is when you buy a house, then remodel it within a set time and sell it for a profit.

There is a guy here named Jared, that can give you all the information about house flipping that you could want to know.

LadyFlipper is another member that is very knowledgeable in this area. So you just ask any questions you would like answered, and we will be glad to answer.

[JaredfromIndiana]

Originally Posted by flippinout

House flipping is when you buy a house, then remodel it within a set time and sell it for a profit.

There is a guy here named Jared, that can give you all the information about house flipping that you could want to know.

LadyFlipper is another member that is very knowledgeable in this area. So you just ask any questions you would like answered, and we will be glad to answer.

I don't know about "all the information"... lol, but I will answer if I can!

[flippinout]

Gee, Jared, I have spent some time at your forum reading and I see what all you post here, so I know that there isnt too many questions that you couldnt answer.

So I am sure that you will be able to answer just about anything that comes at you.

BTW, did you get the message about how to post pics?

[JaredfromIndiana]

Yes I did get the pm, thank you! We are in the final few days of our current flip so I will wait until they are finished to post the before and after. I might try to post some of our other before after pics though...

[flippinout]

Great, will be waiting to see them. If you have any problems with the pics, please let me know.

[patricia]

Hi everyone!

This is such a interesting site, and i would love to be a "houseflipper" but i am guessing you need to have a good amount of money to start up a business like that, and why do i read that its not legal to do, or am i reading it wrong?

do you make a good living doing this if i may ask? what about now with times so hard, it must be getting hard to "flip" alot of houses??

so much to ask, sorry! loll

pat

[flippinout]

Keep the questions coming Pat, thats what we are here for.

And we sure dont mind answering questions at all.

[JaredfromIndiana]

Originally Posted by patricia

Hi everyone!

This is such a interesting site, and i would love to be a "houseflipper" but i am guessing you need to have a good amount of money to start up a business like that, and why do i read that its not legal to do, or am i reading it wrong?

do you make a good living doing this if i may ask? what about now with times so hard, it must be getting hard to "flip" alot of houses??

so much to ask, sorry! loll

pat

You do need money to flip houses. The cool thing is that it doesn't have to be YOUR money. You can find a HML (Hard Money Lender) and if you qualify they will loan you money to buy and rehab the house. Usually they will give you up to 70% ARV (After Repair Value) of the house, meaning that if it is worth $100,000 they will give you up to $70,000. Here's the bad thing about HMLs, they charge you a high intereste rate, some up to 20%, so you need to know what your exit strategy is going to be before you even think about making an offer on a house.

You can start a LLC (Limited Liability Corporation) for under $100 online, so it is not expensive to start a company.

People do make a good living at this stuff, but I will absolutely PROMISE you it is not easy!!!!! It takes a long time to learn your market, learn what houses are worth, learn how to find deals, learn the process of rehabbing a house, finding good contracors, dialing in your budgets, even learning what colors work... I could go on and on.

Right now is a tough time to get in to flipping. I know a lot of investors that have gone back to work other jobs. I would suggest for you to join your local real estate investors association, attend meetings, listen to successful investors (you'll know who they are) and try to find someone to show you the ropes. Maybe you could start as a bird dog (someone who sells leads to investors) and learn for a while before you get started flipping.

Can you make a good living? Heck yeah! Last year I bought a house on a Friday, two weeks later the rehab was done, then a week after that we had multiple offers on it and profited just over $13,000. That's for two weeks work!! Oh, and then later in the year we bought a house in August, 6 week rehab, sat for 6 months and guess what? We made a whopping $800 on it! WOO HOOO!! Party time!! LMAO!!! What I'm saying is be careful...

Hope this answered some of your questions. Bottom line is that it's not easy, don't believe anybody (hot shot tv guru) that tells you it is.

[flippinout]

Thank you so much for answering patricias question.

That was great information for starting out in house flipping in todays market.

What was your most successful house flip Jared?