Have your flipped a house or have you thought about it?

You really need to know quite a bit about renovations and house values in order to judge whether flipping a particular home would actually give a decent enough profit to tackle the project. In the last year plus so many people who thought flipping a home would be an easy way to make money actually found themselves stuck with a home and mortgage payments they don't want and can't afford. Of course that's for the most part the bad economy and the real estate market crash, but even before that all happened, a lot of those novices got themselves into debt up to their ears. Now of course it would be great to buy a cheap foreclosure and fix it up to be sold again. But you have to be aware that contractors are struggling right now, too, and will overcharge you, if you don't know the business. If you are really thinking about getting into this, lay out a budget you can afford to tackle such a project. Then half it, because that's what you really can afford. There are always things that come up that would bust your regular budget. Homes move slow right now as the market is slow. Now you have to find a home that you can buy and renovate and still stay within the (halved) budget. So be aware what such renovation projects cost before making a decision. Good luck;)

I have for sure thought about doing that. I know a little about it but not enough or as much as I would like to know. I would be curious to have you share a little bit about what you do know. Like I do not have the best credit in the world and I was thinking could I even do something like that. I have talked to my boyfriend about it too and he thought it might be a good idea as well. I know you have to fix up a place that you buy and than you flip it for more to make more. So I am gonna add you as a friend if you are not already my friend and maybe we could chat pm more today about what you know about the subject. Nice discussion and happy mylotting to you as well.

Flipping houses is a great business if you have the means and luck (for me it seems to come down to luck.) Right now the prices are at their best. At least in many states, ike California where it hit the hardest. I'm in Real Estate and it sickens me to see what great deals are out there and I can't afford to take advantage. Though, many clients are. If you buy a fixer upper you should really inspect the house ahead of time and it is best to be willing to do alot of work yourself, like tile, painting, etc. Because, people charge an insane amount for something you can easily do yourself. Most importantly you need money. Because, timelines when it comes to construction never go as planned. So, you need the money to continue making payment beyond your timeline schedule. A lot longer is preferable due to times, like now. A lot of Flippers bought houses with the intention of Flipping quickly, not knowing that the market was going to flip quicker. They ended up loosing the houses. If you get a really good deal, sometimes you can rent it out and ride out times, like now. You never know how the market is going to go. Though, it is pretty down now, so you would think it can only go up.

We have totally thought about this and my hubby is in the construction business where he knows all the work, but we dont have the money to put into a house or even to buy a house... we do however live in a fixer upper that we moved into 4 yrs ago, and we have done some work to it but it needs alot more work done to it before we sell it and since the housing market has dropped so much, we have the time to wait to sell it and work on it as well.