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House Flipping? Do You Do It?

Discussion in 'Offline Marketing' started by unashamedfisch, Nov 29, 2014.

  1. unashamedfisch

    unashamedfisch Junior Member

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    Hey So I have been doing lots of online marketing and what not doing pretty well but I've always wanted to flip houses and make some good dough from it. Yes I am only 20 and a college drop out. I was wondering if anyone on here does it and what is there to expect when doing it. I was thinking of getting some houses back home in Detroit because they are so dang cheap. And I was also thinking of getting some prime real estate in Florida while the housing market is still on the lower end. What do you guys think?
     
  2. Bestindabiz

    Bestindabiz Regular Member

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    I've never flipped any houses but have flipped many cars.
     
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  3. Zwielicht

    Zwielicht Moderator Staff Member Moderator Jr. VIP

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    Yes, I flip houses all the time.
    [​IMG]
     
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  4. unashamedfisch

    unashamedfisch Junior Member

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    That's actually a really sick house. what cars have you rolled BestInDaBiz?
     
  5. AnthonyCorleone

    AnthonyCorleone Jr. VIP Jr. VIP

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    kid don't try jump higher then you can
     
  6. MadBlackHatt

    MadBlackHatt Newbie

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    How does that business work?
     
  7. MadBlackHatt

    MadBlackHatt Newbie

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    You should look up a guy on Youtube by the name of "Chris Bruce".
     
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  8. unashamedfisch

    unashamedfisch Junior Member

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    How are you ever going to get bigger and better if you don't try to surpassing the old?
     
  9. unashamedfisch

    unashamedfisch Junior Member

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    Basically you find a house that is super cheap for some reason, normally because it is trashed and foreclosed. So you fix it up and sell it and make some quick cash! Also you can do the same but rent the place out
     
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  10. kaylanewett

    kaylanewett Power Member

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    Look up some real estate forums. Basically the best ROIs with a budget of someone your age would be to find decent homes around $50k-$70k, rent them at $1,000-$1,200 a month and you'll see your full investment back within 5-8 years plus you'll still own the property.
     
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  11. AnthonyCorleone

    AnthonyCorleone Jr. VIP Jr. VIP

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    well you yang and you don't have money nor a knowledge in this industry if you wan a go big you should first try go small
    and by small im not saying go to Detroit or Florida where's house market dead for a reason and not for an opportunity of flipping houses

    you also should have at lease 200-300k of cash to get into this kind of stuff, you don't wan a get loan burn it and then stuck with a debt for the rest of your life
    you should at lease do a dam good research to gain best knowledge and sometimes house repairs mans will tell you more voluble stuff then your real estate Realtor

    but so far you in wrong direction specially with asking such a question in this forum
    but I wish u best of luck and hope 1 day u might flip one house successfully and split your profit 50/50 with IRS
     
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  12. zebrahat

    zebrahat Elite Member

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    I'd second the advice to review the materials on 'creative' real estate sites and courses to get your flipping bearings. Also look for quality writers in this area like Bronchick, LeGrand, Gatten and the like. Bronchick and other investors who are also attorneys are extra helpful, as they walk people through the legal issues and how to structure the paperwork to stay safe.

    You don't need '200-300k of cash' unless you are structuring a conventional deal--there are about 5-6 ways to get a house signed up and flipped without money from your pocket, or signing personally on the financing (lease options, assumptions, subject-tos, equity sharing, hard money, seller financing, etc). Basically, get as familiar with creonline.com on the RE side, as you may be with BHW on the IM side.
     
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  13. SavyCon

    SavyCon Regular Member

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    I second Zebrahat. Internet technology and building businesses are my first passion, my second is real estate - and where many "next door millionaires" are made. You can lose your shirt if you don't know what you're doing, however. Read CREonline & BiggerPockets, they are the two best sites out there to learn about real estate investing. Play smart, don't put in money you don't have to lose, and realize it's not a 'get rich quick' game. You'll be in it for the long haul.

    Cheers
     
  14. unashamedfisch

    unashamedfisch Junior Member

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    Wow thanks a lot guys! There was just like multiple posts of some good knowledgeable nuggets. I will definitely check out the forums and what not and do more than enough research before I actually try to go out one day a just flip a house.
     
  15. sully1975

    sully1975 Jr. VIP Jr. VIP Premium Member

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    Have an electrical contracting business, sometimes do mechanical (HVAC aka heating and air), so occasionally I interact with house flippers here and there. I cannot say that I have much experience but here are a few observations that I picked up.

    I actually did a reality TV show which was a bar renovation show knock off (Which didn't get picked up as of yet from Jan of 14) and all that DIY easy as pie stuff isn't if you have no skills or money.

    If you can pick up one overall skill, carpentry is the best overall to have to do some type of house renovations.

    Be wary of any house missing its copper, especially the plumbing for the flooding and mold, cause they almost never are considerate enough to turn off the main when hacking it out. Watch out for the electrical being hacked out as well. They did not save off with wire nuts where they couldn't get at, so you could have a shock hazard or a fire hazard. Same goes for heaters and a/c units and of course copper flashing on old houses for roofs and gutters.

    Find reputable people to work with. I know you want to save money, but avoid crackheads, etc..... You get what you pay for. Vest most handymen as well. Good ones are rare. Depending on the jurisdiction, you can do your own electrical or plumbing or not. Some construction officials in the towns will allow you to do the work if you as a person own the house and not as a LLC. They really started cracking down on this in the last half a decade since the crash.
     
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  16. sully1975

    sully1975 Jr. VIP Jr. VIP Premium Member

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    I forgot to add that a lot of older people, especially contractors, etc... run into problems and such. They have tax issues be it property, income, or sales and need money and have land or buildings and can work something out such as a lease purchase, etc.... I usually run into about three or four of these scenarios a year. Not exactly the textbook examples everyone thinks about in the beginning of the thread.

    Finally, if you can get a bare piece of ground and want something on it, pre-fabricated homes have come a long way. Better known as modular, they truly are a house in a box with most of the assembly done for you. Fast tracked for sure and am sure you can obtain a loan on it too.
     
  17. unashamedfisch

    unashamedfisch Junior Member

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    Yep thanks for the general guidelines guys. Me and my dad can do most of everything to fix the house unless there are major problems and if so I would not buy. And yeah taxes are always tricky and can get you if you havent solved for them and don't have the cash for em
     
  18. SinfulPromotions

    SinfulPromotions BANNED BANNED

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    I may have the answer to this question...

    Don't flip. If all you're really good at is marketing, there may be a sub-niche even more profitable for you if renovations isn't your thing.
     
  19. unashamedfisch

    unashamedfisch Junior Member

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    Hmm, I like how you think! I'm just good at making money I guess. So if it is profitable I will find a way and do it
     
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  20. kaylanewett

    kaylanewett Power Member

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    This. Like I said in my earlier post, there are WAY more profitable ways to earn money in real estate and renting small-mid size homes is the best way. Also, you should always choose a house where you can make your full investment back in 5-8 years.