House Flipping

By
Real Estate Agent with Gilpin Realty Inc.
A friend of mine decided to get involved in flipping. she had never done this and asked for my advice from time to time, through the whole process. She began with enlisting a boy friend who would end up doing most of the labor, as he had nothing to invest. They went to the county action and won a bid on one of the houses they had viewed earlier. I had counseled them about making the minor updates needed and mainly getting the house back into original shape, keeping the investment price down. But they decided to do a few more updates,  Putting the price that they had to get in order to make a profit, out of reach. Granted the house looks nice and has great new feachers. The owner has decided that the next house will be bought through a forclosure, in hopes of getting a better price than a auction. Also she will have a written plan and agreement with futer partners.
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Rainmaker
1,085,380
Bryant Tutas
Broker/REALTOR, Tutas Towne Realty, Inc
Bryant Tutas-Tutas Towne Realty, Inc
Rob I think this is the biggest problem new flippers have is over doing it. They get caught up in making it look as nice as they can and forget it is an investment.
November 17, 2006 08:24 AM
Rainmaker
299,082
Brian Brady
VA Home Loans/San Diego
San Diego VA Home Loans/858-777-9751

Good advice.  We don't need to take a 1994 Honda and put a custom-made, wood panel dashboard in it to resell it.

My first home was over-improved (by me); I ended up losing on that deal. 

November 18, 2006 02:48 PM
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Rainer
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Rob Wills

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