Good post.J2Jonner said:I don't want to hijack so if this should be moved to a post let me know. Can you guys give more information on when you flipped your first house? This is exactly what I would like to do next, find a resonable property to flip where the work is cosmetic and I can "learn-the-ropes". The business end of the deal I can handle, as well as the work end, but it seems you almost have to be a real-estate agent to pick profitable properties, know the neighborhoods and such. How did/do you prepare for a flip, how long did to hold the property?
Cheers,
Jon
Nothing personal, Jon. I think that this is one of those "if you have to ask, don't do it" type of questions. Doing a flip for the first time without any prior knowledge of rentals, cheap code compliant repair methods, real estate prices and trends, and neighborhoods is a recipie to lose a lot of cash.J2Jonner said:I don't want to hijack so if this should be moved to a post let me know. Can you guys give more information on when you flipped your first house? This is exactly what I would like to do next, find a resonable property to flip where the work is cosmetic and I can "learn-the-ropes". The business end of the deal I can handle, as well as the work end, but it seems you almost have to be a real-estate agent to pick profitable properties, know the neighborhoods and such. How did/do you prepare for a flip, how long did to hold the property?
Not really. Really run down properties can be had for cheap because, wel..., they're run down. They key is to find a run down one in a neighborhood that most people would actually choose to live in. Just start driving neighborhoods. Look for signs that maybe nobody lives there. I don't really make any special effort to hunt one down. I just always keep my eyes peeled. Sometimes I get a tip. I saw a show on TV where they flipped properties, kinda like a reality TV show. They were starting with a property that looked like it was in move-in condition already. I don't think that the profit potential is there on something like that, unless you live in a really upscale area.J2Jonner said:Your 25%,25%,50% split sounds like it would be very favorable, you must know your market well!