Up until a few years ago when the financial and housing crises hit most of the US like a brick, people were getting rich flipping real estate at all price levels. Reality TV shows popped up all over showing the rags to riches stories of entire families who started small and ended up running large interstate companies flipping homes and teaching others how to do it.
Those days are pretty much over, but not completely gone for good. If you know how to choose the right properties, and if you can get financing - or use your own resources - there are still good deals to be had, and money to be made.
In reality, this is probably the best possible financial climate in which to buy a house you want to flip. With foreclosures and short sales available on almost every block, it isn't too far fetched to believe you can buy cheap, invest a little, and flip for decent if not big bucks.
If you're determined, first you need to find a house that needs repair, that is being sold much lower than market value, and a house that has repairs that either you can do yourself, or get done at a reasonable cost. (Is your brother a plumber? Can your father put down tile?)
A good deal is to find a home that needs work. Don't buy a good home thinking you're going to just redecorate it and sell it for a profit. That's not the purpose of a flip, and that's not how you make money.
Good "flips" aren't always in good neighborhoods. Drive around to some low income neighborhoods. Find homes that have been neglected, left empty, or even totally vandalized. These can be found for pennies on the dollar. No matter what repairs you make, you'll be able to turn a profit at the sale. Just make sure you are making improvements consistent with that neighborhood. For instance, adding a pool in a neighborhood where most homes don't even have garages is just a waste of money.
There are still some cities where flips are almost impossible. Even the homes that are selling for less than a few years ago are still too expensive for many people to buy. Add thousands in improvements, and you just further priced yourself and potential buyers out of the market. - 31864
Those days are pretty much over, but not completely gone for good. If you know how to choose the right properties, and if you can get financing - or use your own resources - there are still good deals to be had, and money to be made.
In reality, this is probably the best possible financial climate in which to buy a house you want to flip. With foreclosures and short sales available on almost every block, it isn't too far fetched to believe you can buy cheap, invest a little, and flip for decent if not big bucks.
If you're determined, first you need to find a house that needs repair, that is being sold much lower than market value, and a house that has repairs that either you can do yourself, or get done at a reasonable cost. (Is your brother a plumber? Can your father put down tile?)
A good deal is to find a home that needs work. Don't buy a good home thinking you're going to just redecorate it and sell it for a profit. That's not the purpose of a flip, and that's not how you make money.
Good "flips" aren't always in good neighborhoods. Drive around to some low income neighborhoods. Find homes that have been neglected, left empty, or even totally vandalized. These can be found for pennies on the dollar. No matter what repairs you make, you'll be able to turn a profit at the sale. Just make sure you are making improvements consistent with that neighborhood. For instance, adding a pool in a neighborhood where most homes don't even have garages is just a waste of money.
There are still some cities where flips are almost impossible. Even the homes that are selling for less than a few years ago are still too expensive for many people to buy. Add thousands in improvements, and you just further priced yourself and potential buyers out of the market. - 31864
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Get an automated system that finds profitable pre-foreclosure properties that you can buy for pennies on the dollar right here at: Flipping Real Estate.
