can you explain...

[JaredfromIndiana]

Originally Posted by 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?

Hey, no problem! My most successful was the one I described above. It was a BORING flip, only paint and new vinyl in the kitchen and bath, then new exterior paint, and a few smaller things. I wish all my flips were that boring and profitable!!

The house we are finishing up now could be the biggest one as of yet. Purchase price is $38,000 (buying on a land contract, so no high interest to HMLs), rehab costs around $7,500, so all in around $45,500. If we sell the house for $69,900 like we plan then we will make around $19,000 or so after realtor fees, etc. Good this is that my wife is the listing agent. Rehab has taken three weeks.

I'll post pics of this one when we are done.

[patricia]

god, 19k, on one flip...thats fantastic, and thats a year worth of work for me on my forum. damn! loll

i would love to get into this, but from listening to you, my first take is that you need to be confident in yourself, which you are, you know what your doing, so i will take your advice and learn some first, before i decide to take the leap. any books out there worth reading?? and do you ever buy homes from the government, the ones that are repossed ..etc...and flipped them?

thanks

[JaredfromIndiana]

Originally Posted by patricia

god, 19k, on one flip...thats fantastic, and thats a year worth of work for me on my forum. damn! loll

i would love to get into this, but from listening to you, my first take is that you need to be confident in yourself, which you are, you know what your doing, so i will take your advice and learn some first, before i decide to take the leap. any books out there worth reading?? and do you ever buy homes from the government, the ones that are repossed ..etc...and flipped them?

thanks

That's where the confidence comes from Patricia, just having experience. I still get nervous on every flip, but it does get easier.

I have bought 1 HUD house in the past, and several bank owned properties that have been foreclosed on.

As far as books go, Rich Dad Poor Dad by Robert Kiyosaki is a classic that shows a different way of looking at money. Flip is another good book, I forget who the author is.