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So basically i've started working in remodeling when i was 14.5 i used to helped my dad alot. When i was 16 i bought myself a lots of equipment such as spray machine, guns etc. We used to did the hotel remodeling, he worked for some guy and he always took me on summer breaks. So right know i'm 18 and i want to start my own business i want to remodel foreclosed bank homes. How do i start? Do i need any license or not? and how do i get it?
 

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Foreclosed homes are if anything winterized by the bank, maybe some other emergency type services but not remodeling.

Also, banks are not known for quick payments there are channels that take time sometimes.
 

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Too many people are getting pumped up over all these house flipping shows and millions of people are going to lose their life savings and maybe even their own homes because you can lose a lot of money flipping house if you are not as sharp as a needle

I am not exaggerating when I say I haven't watched one television show for more that 40 years, but from what I hear those flipping shows are orchestrated to make flipping look simple and profitable.

Flipping houses is a business that requires many specialized talents that most people don't have. You have to be very very good at eyeballing a house and knowing within a few minutes what the After Repair Value will be. You have to very very good at knowing within a few minutes almost exactly what the repairs will cost and very few people can guesstimate the cost for repairs and be accurate.

Comparing the value of a flipper is very difficult and not as simple as looking at comps on the internet. For example, you can get comps for 3-bedroom and 2 bathroom homes, but other homes may have different layouts that are nicer than the home you purchase such as marble floors and counters and thousands of other things your home does not have. I've seen hundreds of people try to flip homes and lose a lot of money.

I personally know many big time house flippers and they will tell you that they do lose a lot of money on some homes and the reasons are usually things that they never thought about.
 

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as far far as i know banks do remodeling, by that i mean repaint whole house and some other work. I'm located in GA
Bank repos house. Bank is forced to sell/ auction home by Federal Law.

Bank doesn't give two chits about painting and the like. They are only doing the bare minimum to protect their investment not turn a profit.
 

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Dizel said:
So basically i've started working in remodeling when i was 14.5 i used to helped my dad alot. When i was 16 i bought myself a lots of equipment such as spray machine, guns etc. We used to did the hotel remodeling, he worked for some guy and he always took me on summer breaks. So right know i'm 18 and i want to start my own business i want to remodel foreclosed bank homes. How do i start? Do i need any license or not? and how do i get it?
How deep are your pockets . $$$$$
 

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How deep are your pockets . $$$$$
You don't need one penny to become filthy rich. You only need a brain!

I'm going to tell you how to become filthy rich without money, but I can't help you make one penny if you don't have a brain. The best part of my method is you will never risk one penny of your own money (if you have any money).

I'm getting senile and can't remember what I posted about this a few weeks ago, so I apologize if some of this had been duplicated.

There are millions of real estate investors who have hundreds of millions of dollars that they want to invest in real estate, but they don't have the time to find 'good' real estate deals and/or they don't know how to find good real estate deals. I know this for a fact because I personally know many of these investors and I, myself, have a significant amount of cash that I don't have a deal for. You can find these investors by going to real estate club meetings and the best club I found is FIBI and they have several clubs throughout the U.S..

The rich investors are seriously hungry for good real estate deals. So, suppose, this 18-year old who started this thread has some brains. He doesn't need to risk one penny of his cash. All he needs to do is go to a club, meet a big money investor, show him a deal and if it is good then the investor will do all the due diligence, put up the cash and split the profit. It can't be easier than that.

As stated in my previous post, most flippers don't have the knowledge they need to get into flipping. Therefore, there is no better way to test your skill than with experienced investors who have suitcases full of cash and enough cash to follow through, whereas most people lose because they run out of cash before they can finalize their deal. Then, after you make your wads of cash with someone else's money you go on your own.

If you can't be successful by working with an experienced investor then my bet would not be on you. If your deal is not good enough for an experienced investor to take an interest in then it is probably not a good deal. One great thing about the FIBI real estate club is you will find many of the top professional investors who will look at your deals for free and they will give you advice that may save you from losing your money and time. If they really like you deal they may offer to be a partner and this would certainly be a vote of confidence.
 

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There was a preservation company looking for contractor's on craigslist awhile back. They evidently have contracts with banks to do the type of work you are referring to. They were looking for business owners, licensed, insured and bonded with a track record.
The other route is doing what plumber suggests partnering with an investor, you do the work they supply capital.
Third option is flipping, better have a builders lic. re lic. and about 300 in cash.

My advise, it's good to be ambitious but there is no substitute for experience. Right now you are too young to know what you don't know. Get a job working for a investor, developer or remodeler who knows real estate or who flips houses.

Where are you located?
 

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Bank repos house. Bank is forced to sell/ auction home by Federal Law.

Bank doesn't give two chits about painting and the like. They are only doing the bare minimum to protect their investment not turn a profit.
Agree. The reason banks don't put money into them most of the are insured by the government Fannie and Freddie. The government;s going to reimburse them for their loss anyway.
 

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When a bank forecloses on a home its because they are trying to recover a loss, they aren't going to pay extra to have you make it look nice, that would be adding to the loss. Like JBM said if you want to remodel it you will likely have to purchase it then flip it. I mean hey TLC and HGTV show you can make 25 grand in like 2 weeks flipping a home :whistling
 

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You don't need one penny to become filthy rich. You only need a brain!

I'm going to tell you how to become filthy rich without money, but I can't help you make one penny if you don't have a brain. The best part of my method is you will never risk one penny of your own money (if you have any money).

I'm getting senile and can't remember what I posted about this a few weeks ago, so I apologize if some of this had been duplicated.

There are millions of real estate investors who have hundreds of millions of dollars that they want to invest in real estate, but they don't have the time to find 'good' real estate deals and/or they don't know how to find good real estate deals. I know this for a fact because I personally know many of these investors and I, myself, have a significant amount of cash that I don't have a deal for. You can find these investors by going to real estate club meetings and the best club I found is FIBI and they have several clubs throughout the U.S..

The rich investors are seriously hungry for good real estate deals. So, suppose, this 18-year old who started this thread has some brains. He doesn't need to risk one penny of his cash. All he needs to do is go to a club, meet a big money investor, show him a deal and if it is good then the investor will do all the due diligence, put up the cash and split the profit. It can't be easier than that.

As stated in my previous post, most flippers don't have the knowledge they need to get into flipping. Therefore, there is no better way to test your skill than with experienced investors who have suitcases full of cash and enough cash to follow through, whereas most people lose because they run out of cash before they can finalize their deal. Then, after you make your wads of cash with someone else's money you go on your own.

If you can't be successful by working with an experienced investor then my bet would not be on you. If your deal is not good enough for an experienced investor to take an interest in then it is probably not a good deal. One great thing about the FIBI real estate club is you will find many of the top professional investors who will look at your deals for free and they will give you advice that may save you from losing your money and time. If they really like you deal they may offer to be a partner and this would certainly be a vote of confidence.
At 18 years old, he doesn't have the bonafides to convince any real investor to trust him to do this... at most, maybe bird-dogging for them...

But , you never know, he may find a mentor...
 
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