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House Fliping

 
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flatwaterfooter
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Joined: 08 Jun 2005
Posts: 12

PostPosted: Aug 03, 2006 5:37 am    Post subject: House Fliping Reply with quote

Has anyone gotten into house flipping? I wanted to know what the hidden cost have been and what avenue you persued to find the house. Also did you do the work or contract people. I am very interested in getting into this any advice is welcomed.

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ontrider
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Joined: 30 Jul 2003
Posts: 16491
City: Russia

PostPosted: Aug 03, 2006 6:37 am    Post subject: Reply with quote

Hmm... closing costs, real estate fees, usually people underbudget on materials and even worse on time if they hire contractors. Hiring multiple contractors to work around each other can be a mess too if you don't co-ordinate well or if they aren't co-operative. You have to find the right places to begin with as well, and with real estate markets cooling off it's more difficult.
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J-Ro
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Joined: 13 Jan 2003
Posts: 5662
City: Rocklin

PostPosted: Aug 03, 2006 6:42 am    Post subject: Reply with quote

flatwaterfooter, I have always followed this advice when it comes to investing. It works really well too.

"When your average schmuck starts investing in what you are invested in, it's time to sell"

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chavez
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Joined: 22 Sep 2003
Posts: 27375
City: Roseville

PostPosted: Aug 03, 2006 6:53 am    Post subject: Reply with quote

J-Ro, Laughing Laughing Laughing

flatwaterfooter, that ship has sailed my friend. You are about 4 years too late.

Here is a fun little site dedicated to the flippers that are losing their ass here in my area:
http://flippersintrouble.blogspot.com/2006/07/placer-2006-07-28.html

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ontrider
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Joined: 30 Jul 2003
Posts: 16491
City: Russia

PostPosted: Aug 03, 2006 8:44 am    Post subject: Reply with quote

It's all those stupid TV shows that make people think, oh... I can do this and make some easy money. People are idiots, you still have to be smart about it and cover all angles.
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5280HighButter
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Joined: 16 Mar 2005
Posts: 258
City: Littleton

PostPosted: Aug 03, 2006 10:02 am    Post subject: Reply with quote

flatwaterfooter,

You aren't just talking flipping you are also talking rehabbing. Rehabs are tough unless you have connections with contractors and know a good deal about construction costs. Flipping is still possible but the way many markets are turning you can only do it in certain places. Have fun:

http://www.reiclub.com/forums/index.php
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J-Ro
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City: Rocklin

PostPosted: Aug 03, 2006 10:24 am    Post subject: Reply with quote

chavez, Nice find...interesting read.
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chavez
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Joined: 22 Sep 2003
Posts: 27375
City: Roseville

PostPosted: Aug 03, 2006 10:31 am    Post subject: Reply with quote

J-Ro, check out the main page for a good laugh:

http://flippersintrouble.blogspot.com/

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RIP MHL 04/25/1958 - 01/11/2006
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