flip houses

I just put a bid on my first investment house. I still haven’t decided if I want to rent it or flip it. I would love to flip it but…it seems so scary!!!!

Has anoyone here done this before?

I really want to try this. I like trying new ventures and whatnot. But from watching some shows on flipping makes me want to try this. I work great under pressure and determined to make some mula… Any experienced flippers out there? Advice, tips, or comments? Where do I start? Should I pick up a book? Go to a seminar or take a class? I have no background in realty.

I’ve done it now over 80 times. I don’t consider myself an “expert” per se. But definitely earn a better than full time income. And I love now finding new and interesting ways to use the internet and Web 2.0 technologies to streamline the process.

Right now the housing market is too bad for me to feel comfortable doing this.

I have a few friends who are in business together flipping houses and they turn a nice profit, but the have to split it. It works out nice because if it is slow then there are enough of them to pay the mortgage. The profit is divided so it takes longer to make lots of money, however, they do make money. I could pay off my student loan, own my own business and flip houses which covers 3 items on my list (possibly 4 if I make a lot of money). We will see. So many things just don’t pan out, however, we will see.

The property has been on the market for 2 weeks. Nobody has even been inside it yet! The carrying costs really aren’t that bad, but if 2 months go by I’ll drop the price about $20k and look to do slightly better than break even.

It took 5 months and $53,000 cash but our first flip is finally done. It will be on the market this Friday for $149k. If we get near this amount we’ll make about $20k profit. Not a bad return on the money.

the market is tough right now and i think i should wait for it to improve before i do my first flip, but something i definitely plan to do.

Flipping houses is something I’m passionate about learning more about. What about you?

Found a great resource about it. http://FlippingHomes.com

Looks to have some great articles on the topic.

...jp

I’m revamping my goals to be things I can accomplish or work on this year, and flipping houses is something that’s a few years off.