| Author |
Message
|
| MikeNJen |
 Posted: Mon May 08, 2006 1:34 pm Post subject: |
 |
|
New Poster
Joined: 07 May 2006
Posts: 2
This Month: 0
6870.43 e$
Net worth: 6,870.43
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| I agree that "flipping homes" is a get rich sceme. However, it isnt some gemic that you are having to pay annual fees for like the real estate investments of Carlton Sheets or Russ Dolby. It does need to be done in an area where the real estate market is booming and by someone who has patience and an understanding of the market and "Do it yourself" projects. It seems worth to me. If you have the financial means to back it up I say go for it. Just make sure that there aren't alot of other people in your area (especially if you are in a small town) trying to do the same thing. You can also look into rental properties. Very good investment that never stops. |
|
| Back to top |
|
 |
| brandonmalbert |
| Posted: Fri May 19, 2006 6:33 am Post subject: |
|
|
New Poster
Joined: 19 May 2006
Posts: 6
This Month: 0
8013.92 e$
Net worth: 8,013.92
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| Do5 wrote: | | I like the shows but I wonder how much they edit out, not to discourage people. |
I know a lot of people in the biz that do this, and there is a lot of work and risk that go into it. most times people put more into a house than they get back, or its in an undesirable neighborhood. |
|
| Back to top |
|
|
| MikeNJen |
| Posted: Fri May 19, 2006 7:56 am Post subject: RE: House Flipping |
|
|
New Poster
Joined: 07 May 2006
Posts: 2
This Month: 0
6870.43 e$
Net worth: 6,870.43
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| As far as the work part of the business goes, that is a given. You buy houses that need the work. Thats why they are sold at such a low costs. If you bought one that didnt need much work to raise the value it wouldnt be true "flipping and you wouldnt succeed in the profit side of it. As far as the risk, that is a given in this business as well. Real estate is a tricky market. But isnt everything else? You have to take chances once in a while. 9 time out of 10 a risk will prove the best results. As for the neighborhood comment... If the property bought isnt in a well established enough neighborhood then it shouldnt have been purchased for flipping in the first place. That factor has nothing to do with the business in general, it has to do with the lack of "flipping" knowledge the person making the purchase has. |
|
| Back to top |
|
|
| kgoxley |
| Posted: Fri Oct 19, 2007 10:01 pm Post subject: House Flip |
|
|
New Poster
Joined: 19 Oct 2007
Posts: 1
This Month: 0
5779.30 e$
Net worth: 5,779.30
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| I am a new guy to this so you may want to take this with a grain of salt... I bought my first house now at 21 years old and just graduated college in May with a degree in Commercial Real Estate. I kicked myself because I bought in the middle of a booming economy here in Craig, CO. My partner and I paid 158,500 for the home (Built in 1917 with various makeshift additions). Regardless. in this booming market I have been advised by many leading people in our community to buy whatever you can and this WAS the best deal (I searched through a bunch of homes). My plan is to put about 12,000 in to it and I hope to sell it for 194,000 with a bunch of upgrades (hardwood, granite countertops, finished basement, etc.). That is very plausible goal as I am working with a 2 bed 1 bath home. I realize that this isn't hitting the right ROR but starting out with 0 cashflow I think that it will be an invaluable learning experience. There is money to be made out there, but you have to put a lot of time and effort into it. My only original goals were to break even and not to go over budget. I am confident that I will meet and exceed both of those. So be smart, take your time, and have fun in this wild world. If I can succeed then I have faith in anyone who truly tries. By the way... if you don't have the cashflow (like me) find a partner or borrow from your parents. They will be pushy at first but promise 5% on their money (the average CD rate) and they can't say no. Have fun and never lose money unless you are learning from your mistakes. |
|
| Back to top |
|
|
| stockmarkettips |
| Posted: Tue Nov 06, 2007 3:16 pm Post subject: |
|
|
Investing Manager
|
| I wouldn't be flipping houses anytime soon. The housing market has a long way to go down before it goes back up. |
|
| Back to top |
|
|
|
|
stock market game on the web. At eInvesting you compete for monthly cash prizes while you interact, make virtual dollars, purchase items, and trade in the realistic stock market simulator. We make investing FUN!
