Flipping today in 2009
Dont buy anything today unless you can afford to hold. That is exactly what we are doing.
Consider renting, owner financing or lease options.
ex: 42k home,4k repairs, 850-900.00 rent.
several exits here at this point.
posted by monty @ 9:43 AM
9 Comments:
well,im a investor looking for funding for a great deal in austin tx deal for $65.000 with a $145.000 ARV so if you can help please give me a call at (512)926-1123or(512)928-3138 ANYTIME AFTER 9:00am - before 12:00noon
Hey Monty,
I agree with your post here, I am actively involved in the house flipping market in Denver and lately I've seen a lot of success fixing and renting. I will then sell when the market turns around, hopefully sooner than later. Also, wanted to let you know about the National Fix and Flip Network, it's a great website I visit all the time to read articles about flipping. They also have a member discounts section where I find stellar deals on building materials and save money on rehab. I encourage anyone in the house flipping space to check it out. Hope your flips are going well in Texas, let me know if you have any tips to share! Thanks
Nice Blog. However I couldn't disagree more. Unless you can afford to hold property, I mean of course that is the ultimate goal to aquire and hold property as rentals. But if your flipping houses get out there and flip em. I flip 2-3 a month. There are some many great deals out there. Just be sure to buy low and sell low. The biggest factor is to tract the median home sales price and stay in that price point.
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stew1972, you're absolutely correct. Buying and holding is the tried and true way of your average joe making money at this. Flipping property is still possible too if you have the right expectations. Pre-2007 gains wont come back for awhile, but with right perspective there is more money to be made today than in past eras of investing.
The house flipping
process is not easy but learning about it might make you to try it out yourself.
I want to get into wholesaling but need to find the investor component. Do you have any advice?
great reminders!
I think you have to stick with a plan. Nothing wrong with buying, fixing up and renting, but I would treat the house differently at that point. I would put durable materials in and not worry about it. However, in flipping, you need to buy low and sell low, but also add some sizzle features - things you would not necessarily put in a rent house.
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