House Flipping? Do You Do It?

Ok thanks, do you rent yourself?

Real estate will always bank. Atleast where I live. Buy shitty flat, renovate, than sell or rent it. Good profits only in long term tho.

A few years back I used to flip mobile homes... They have a horrible stigma across the nation, but are very lucrative with regard to ROI; not to mention there is a large part of the population that cannot afford stick built housing... The most I ever spent on a home was 1500$.. Repairs are super easy to do yourself, and don't require inspections and all the other red tape (minus electrical work).. I would normally sell the home on a note with a down payment that most always recouped my initial investment minus repairs; or you could sell outright for a smaller profit.. Because mobile home titles are controlled by the DMV, there isn't much to closing either (and no, most homes are not still 'mobile' but in place in a park)...

Again the stigma of the homes themselves and the people in them are a lot of times so far off base... These people need an affordable place to stay, and fear homelessness as much as the rest of society.. So collecting rent/monthly payments is not an issue -- as long as you do your due diligence on prospective tenants/buyers you should be good (of course there are the occasional buttholes, but you will find them in the stick built market as well).. Or you could avoid all together by selling outright..

If you are interested, there are books by a guy named Lonnie Scruggs "Deals on Wheels"... The pricing he uses in the example of off base/old .. but the information is gold! Adjust for your local market by looking in the penny papers or classifieds for what other homes are going for and plan accordingly.. You can flip a lot more of these with less headaches.. Just an idea..

--Rich

**If you are wondering why I don't work in that field anymore.. When the housing market tanked, the asking prices from private sellers skyrocketed as people were downsizing and going through lifestyle changes. Ran through the money I made during the transition to "real" work.

I've been playing with real estate on the side for about 15 years and while it's a good way to make some big $$$ there will be times you'll have to take losses too. There's just so may potentially expensive unknowns.

I guess what I'm trying to say is that you'll need a bit of bank behind you first. You'll also need some quality tools and the knowledge/ability to use them.

Yep, yep I and my dad are skilled tradesmen. But yeah im working on saving and then get in the RL game for sure. I've always loved it just need to learn a lot more about it!

there is a reason homes are cheap in Detroit. There are no buyers. Be careful, a cheap home does not mean a good investment. If you can not buy and hold for a long time, dont do it.

You can find many online courses on the topic, i followed one with the team of Trump, powerful stuff.

unashamedfisch said:

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?

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DETROIT...reason houses are so cheap---no jobs. You can make money there, but better have Steel in your Balls dealing with that crowd (imo). Remember, you gotta go out and pick up the rent check.

FLORIDA----houses are no longer cheap. Back in 2010 yes, but 4yrs later, NO

Tough biz, you need A LOT of Capital to make money in FLIPPING houses. Or a good partner with LOTS of money.

Kid I been buying real estate and either keeping them or flipping them for well over 30yrs do yourself a favor and read every book you can get your hands on from Robert G. Allen to Carlton Sheets To all these new guys out there. You should learn the lingo via the books and then if you want to start buying homes please do not listen to anyone You can buy and sell houses with NO MONEY OUT OF YOUR POCKET. Yes it is tough to find the deals but they are available if You dig for them. Once You find your first deal then search for a wholesaler or investors to buy it from You for a little more than what You are going to pay for it. I have made as much as 40k on flipping with no money out of my pocket, and I`m about to start looking for JV partners to sell a house for a buddy of mine who will pay us marketers $10,000 for bringing him a buyer and its easy my new team will be emailers, forum posters, CL posters etc etc.. Real Estate Is Where The Money Is !

birddogging said:

..Once You find your first deal then search for a wholesaler or investors to buy it from You for a little more than what You are going to pay for it. I have made as much as 40k..!

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Very interesting... Let me ask you, in these instances do you act as buyer to the wholesaler/investor?? or, do you actually buy it for little down and then immediately flip...

Not a flipper, but have profited off real estate (30k in 2 years) just by buying a house in a progressing and continuously developing environment. The price is for the current estate features, however, future growth is predictable and therefore so is the areas value.

so much great knowledge in this thread

kaylanewett said:

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.

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I am not too sure about where you live, but I certainly would not rent a house in the UK, where scrubbers can stay in your house rent free and it takes the courts the best part of a year to get rid of them, and it is completely legal for them to do so.

Hello, I am a real estate investor. I purchase mortgage notes and hold for long term gain or sell for small immediate pay. If you have question I would be glad to help. I believe i have some post explaining some real estate tech here on bhw under my older username Buku1 Look forward to hearing from you,

You can also make some money doing contract assignments without actually spending your own funds. I never did it but I know some people that have and do well.

I have done a few deals and it's pretty straight forward, but you need to know the market (city) where you plan to operate to identify good potential deals.

unashamedfisch said:

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

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yes buy a house cheap in Detroit and move it some where people actually want to live like Florida and you will make a killing lol

birddogging said:

Kid I been buying real estate and either keeping them or flipping them for well over 30yrs do yourself a favor and read every book you can get your hands on from Robert G. Allen to Carlton Sheets To all these new guys out there. You should learn the lingo via the books and then if you want to start buying homes please do not listen to anyone You can buy and sell houses with NO MONEY OUT OF YOUR POCKET. Yes it is tough to find the deals but they are available if You dig for them. Once You find your first deal then search for a wholesaler or investors to buy it from You for a little more than what You are going to pay for it. I have made as much as 40k on flipping with no money out of my pocket, and I`m about to start looking for JV partners to sell a house for a buddy of mine who will pay us marketers $10,000 for bringing him a buyer and its easy my new team will be emailers, forum posters, CL posters etc etc.. Real Estate Is Where The Money Is !

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Hey Birddogging, what city do you work out of? I am a real estate wholesaler out in Los Angeles, and for the record, there is definitely money to be made, at least out here. I'd be interested in possibly helping your buddy find a buyer for his home, depending on the location.

As for my 2 cents in the flipping business, I work with a couple exclusive cash buyers who buy roughly around 15-20 properties a month, fixing and flipping with good returns. So there is an opportunity in real estate, but you need to do your due diligence and understand your market. You can check out a guy on Youtube named "Jeff Coga" he's got a lot of great free content. I'm sure you're gonna crush it out there once you get involved!

jliutheta77 said:

Hey Birddogging, what city do you work out of? I am a real estate wholesaler out in Los Angeles, and for the record, there is definitely money to be made, at least out here. I'd be interested in possibly helping your buddy find a buyer for his home, depending on the location. As for my 2 cents in the flipping business, I work with a couple exclusive cash buyers who buy roughly around 15-20 properties a month, fixing and flipping with good returns. So there is an opportunity in real estate, but you need to do your due diligence and understand your market. You can check out a guy on Youtube named "Jeff Coga" he's got a lot of great free content. I'm sure you're gonna crush it out there once you get involved!

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Hi There, Are you buying or selling properties with seller-financing ? if so, I would be interested in purchasing your private mortgage note. Looking forward to hearing from you. Thanks

I flip houses if the numbers are pristine, but mainly, I buy and rent/lease out.

I have a RE licenses in 3 states, which gives me free reign access to the respective MLS databases in those states.

I am also a member of the Real Estate Investment Associations in those states. If you are serious about RE investing, join a REIA in your area and find some investors you can start bird dogging for. Sign contracts to make certain you get paid, but don't undersell yourself. Bird dogging for other RE investors is the easiest way to real estate riches for newbies.