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jw11897
LOVING LIFE
Member since 6/05 1433 total posts
Name:
Jess
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HOUSE FLIPPING
Has anyone ever done this??
I work at a Foreclosure Law Firm and my DH and my boss are starting up a company.
Any tips would be greatly appreciated.
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Posted 1/6/07 12:39 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: HOUSE FLIPPING
yes, dont get attached to the properties. you'll make it very difficult to sell if you start forming a "bond" with the house.
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| Posted 1/6/07 12:56 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: HOUSE FLIPPING
The house I'm purchasing is from a flipper, and he did magnificent work - even the inspector said that most flippers don't pay attention to detail, but ours did and it shows in the detail around the home!
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| Posted 1/6/07 1:04 PM |
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LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
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Re: HOUSE FLIPPING
Do your research. Pick a family neighborhood not a rental neighborhood.
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| Posted 1/6/07 1:23 PM |
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Dani520
LIF Adolescent
Member since 9/06 805 total posts
Name:
Danielle
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Re: HOUSE FLIPPING
Most of the houses that we looked at before we purchased ours were flips and you can definitely tell when things are chinced on and when corners are cut as opposed to flips that pay great attention to detail and do things the right way as opposed to the quick fix way! The house we ended up purchasing was a flip and I could not be happier with the final product!
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| Posted 1/6/07 11:07 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: HOUSE FLIPPING
Posted by jw11897
Has anyone ever done this??
I work at a Foreclosure Law Firm and my DH and my boss are starting up a company.
Any tips would be greatly appreciated.
Sort of. I buy lots and do new construction.
I considered a flip (rehab) but got scared of what I might find once walls were removed.
I agree that you should pick a family neighborhood and in a good school district. Go for a 3 bedroom if possible or a 2 bedroom house that has room to add a 3rd bedroom.
Adding a half bath/powder room will do wonders for your bottom line too.
Good luck!
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| Posted 1/6/07 11:16 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: HOUSE FLIPPING
My DH & I did serveral in Florida & we are always looking for properties here.
I'd say the most important thing is having someone on board that can inspect the house for structural problems/electrical/plumbing problems. That is the stuff that will ruin your profit margin. Often pre-foreclosure/foreclosure or bank owned are sold without a formal inspection allowed so you need somebody with a good eye for trouble.
IMO, the market here is getting good for flipping again, but you can't be greedy.
The next property we buy will probably become a rental for a while.
If you have specific questions, I'd be happy answer if I can.
Message edited 1/7/2007 9:52:36 AM.
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| Posted 1/7/07 9:51 AM |
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