House flipping

[bartongrl1]

Is the present time a good time to get into house flipping? How do you think the present situation will effect house flipping and the sale of said house?

[Lady Flipper]

It is always a good time to flip a house IF:

1. You have located a property that is in bad condition and is in a good location

2. You have done all your reearch and had a full inspection of the property and know exactly what it will cost to fix it

3. You have adequate funds on hand or available.

What has changed is that you will not be able to borrow money on speculation, you either qualify for a conventional loan or you don't. So, while the market is not all that bad, many people who used to go out on a limb to flip a house will not be able to do that anymore.

It's not a bad thing, really, IMO it helps to make sure you don't fail because of lack of planning or funds.

Don't budget too tightly, you need to be sure you can get the job done.

[bartongrl1]

Thank you so much for the answer, I am sure there was some concern about the present situation.

[stephpoet]

Hopefully I will flip my first home soon. Coming up with the start-up capital is a challenge, because my credit is pretty bad.

[beangel40]

Some times if you can get help from family members to help get the capital together a flip could be profitable for both yourself and family and maybe with enough capital left over to flip a house on your own and by doing most of the work yourselves can save money if you look at house auctions some times you can find really great finds to help out with your flip

[aceswild]

I'm working on finding a nice little starter to fix up. The market around here is kind of tough as far as reselling. I'm finding a good number of forclosures though.

[donna]

The trouble I've found with some foreclosures is the damage the previous occupants did before they left. Seems sometimes they try to take out their anger on the bank or finance company by vandalizing the property. I saw one place where they had taken everything they could possibly remove. The water heater, the whirlpool tub and lighting and door fixtures all seem to be missing. They even took a cabinet off the wall, destroying the other cabinets it was attached to.

[beangel40]

Yes there are people out there that take their anger out of objects that have nothing to do with the problem but if they stop and relize is that their anger should be with what ever reason the bank forclosed in the frist place. some times people get in over their heads with finaceing and or they lose their or their income changes after they have refinaced to make what ever repairs of remoldling cant get caught up withthe payments they are forced to lose they very thing they have worked for its sad and a very scary but things happen for a reson

[bartongrl1]

I wish you luck in your endeavors Aceswild. The one thing you have to keep in mind is, that there is always a need for safe and sanitary housing.

[stephpoet]

As well as compassionate people to manage and find it. It's a shame good housing is becoming more and more a thing of the past in some areas.