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  #1  
Unread 08-21-2007, 10:05 PM

Default Flipping houses

Has anyone here done a successful flip???
For those who don't know it, flipping a house means buying a house that is not in the best shape, working on it to improve the interior and/or exterior, and then selling it to make it a profit.
I am a big fan of the show Flip That House that comes on TLC, and I have been thinking about flipping houses in the philadelphia area.
Is anyone flipping houses here and what are your advices????
  
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Unread 11-04-2007, 06:03 AM

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Be careful! The market throughout most of the country is a little slow and under downward pricing pressure. Here are a couple of things to consider:

1. What is your construction ability.
2. What is your cash condition....is it twice what you plan on needing?
3. What is your motivation, money, enjoyment and money, or just enjoyment?

Flip that house paints a very rosy picture of flipping. How does someone who has no ability, no construction contacts and no cash make a profit every episode? I really think those shows will get alot of people in way over their head.

I have owned a design build company, done investment property, and really understand what it can take, but I still get apprehensive and usually look at hundreds of potential flips for every one or two that are viable.
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  #3  
Unread 11-09-2007, 03:01 AM

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Hi Admin,
Actually this is not the market for flipping homes. These days are what is known as a buyers market and there are more homes available than there are buyers. My suggestion is, if you are interested in selling a home, to do a lease-purchase. This is what I am doing for most of my properties. I have 6 properties, 4 are lease-purchases, 1is a single-family home that I am renting and the last one is a triplex.

I lease-purchase the homes for about 1 year. The tenant puts down a down-payment which is anywhere between 3%-5% of the price of the home. They also pay their rent at that time. I rent the home for about a year and then after the year, they can buy the home. If they do decide to buy the home, they can use the down-payment as well as 10% of their rent to put down on the home. If the tenant decides not to pay for the home, then they do not get their money back. All of this is written in the contract they signed. Thus, it would be advantages for them to go on ahead and purchase the home.

You may not want to manage the property yourself. If so, then you can get a property management company to manage your properties. I have done this for my two rental properties. They do require at least 10% of your rent; at least here in Montgomery, Alabama.

I hope this helps you some...
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