flipping houses

United States
January 3, 2007 10:53am CST
I am interested in getting into flipping houses and am wondering is there anyone out there that does this now or is thinking about it?
2 people like this
3 responses
• United States
30 Jan 07
I would love to flip houses.I have my real estate license, although it's inactive right now. But if I did flip them, I wouldn't rent them at all, I would turn around and sell them. Too much goes into renting and making sure things are okay, so it all depends maybe.
• United States
30 Jan 07
I am also a real estate agent. "active" I need to find a way to finance my first one to get started. Fannie Mae has a good program, but it's only for buyers who are going to live there, not for investors. I am still somewhat thinking about selling my current house so I can qualify for it but I am just not sure.I do not want to rent them either Well good luck. By te way I live in Ohio.
2 people like this
• United States
9 Feb 07
sammyjk, ever considered buying a tax lien property. You could acquire one fairly inexpensively. Turn around and sell it for a huge profit. Or do you have to find financing for the buyer? Your comment was a bit confusing to me. What do you need financing?
• United States
10 Feb 07
I'm a loan officer and I'm working with a couple flippers. It's something that I definately want to do. They have found success in buying, fixing up, and then renting. You get more sources of income that way. You get monthly income from rents. You have to be careful about who you rent to but also be careful to be fair. You're going to eventually have a deadbeat but you'll also have good payers to keep income coming. You get the equity of the property. You can tap into it to use to buy other properties or just open a line of credit for expenses that you can now get a tax break on. You get the income from the appreciation of the home. You cash it in when you sell and you're not stuck selling at a certain time. You can sell when you want because your renters are paying the mortgage. As far as financing: I can finance an investment property up to 90% in one loan with no PMI for 30 years. Rates are higher than owner-occupied property, but if the property pays, you're okay. I can also do an 80-20 loan to finance all 100%. Feel free to contact me, but I'm only licensed in PA. I've found some investors like to buy with cash or large down payments and that's fine. Others like to finance the max. This leaves their cash available to them for emergencies or for investment capital. Everyone has a preference. I can't wait to get into it. I'll end up doing both renting and flipping. It depends on the type of home. I think you should normally rent because of the multiple income sources. Hoever, if you find a home with potential for instant profit, you should flip it. I suggest reading every book about it that you can. Also become a student of mortgages and credit. You'll save yourself thousands. You can check out my blog on my profile. Also, don't try to do it with "no money". You need a solid reserve for emergencies like people that don't pay rent or that trash the place. Be smart. Best of luck!
@craftwave (1338)
• United States
3 Jan 07
I've watched the show about flipping houses and a fleeting thought had passed my mind to try this. If you do do it always overestimate everything. The time it will take and the money it will take.
1 person likes this
@chargoans (940)
• United States
9 Feb 07
Flipping houses can result in big profit if you do it right. I think the best way to do it would be to acquire a home through the state tax lien/tax deed sales. You can get the house for pennies on the dollar. Then sell it for a huge profit. I do not personally know anyone in real estate, but if I did, that would be one fo the first ideas I would throw at them for their input.
• United States
9 Feb 07
i don't know how to go about tax lien sales . do you?