Fix аnd flipping hоusеs is nоt аn еаsy sidе jоb thаt will mаkе yоu а fоrtunе whilе yоu соntinuе tо wоrk аt yоur dаy jоb. Yоu mаy sее fix аnd flippеrs оn tеlеvisiоn аppеаr tо mаkе $100,000 оn а fix аnd flip, but tеlеvisiоn саn bе dесеiving. It is еxtrеmеly rаrе tо mаkе $100,000 оn а flip, unlеss yоu аrе dеаling in high vаluе/high risk prоpеrtiеs. Mоst оf thе tеlеvisiоn shоws I sее аbоut fix аnd flips lеаvе оut mаny оf thе соsts аssосiаtеd with а flip аnd оvеrstаtе thе prоfits.
I'd have to agree with what most of the other forum members have posted. I think this kind of business entails a lot of guts and knowledge on the ins and outs of this field. it also really depends on the condition of the house you're buying. If it's too old and needs a lot of repair, you might want to reconsider unless the owner gives it in a very bargained price. The price of repairs could be costly especially for very old and worn out houses.
It depends on your area and how well the market is there. You definitely can still do this in a lot of places. I think you guys have a good chance at being successful. Plus I love seeing how houses look afterwards. Can your husband do most of the work? It helps if he can save money on remodel that way, but if not you can still do it.
My husband once thought of getting into the construction business on a small time basis. But his father had advised against it for the reasons you said. First is a thorough knowledge of the craft because you will just be left empty-handed by your workers upon knowing you don't know the job. Next is the network of connections, from the suppliers like hardware and the agents and brokers who would give you the supply of clients.
It can be a good or not-so-good thing, depending upon the market, your financial situation, etc. If you've got plenty of time to wait if need be and access to plenty of capital, it can eventually be quite profitable IF... If your fiance has the one year timeframe for each house firmly implanted into his mind for whatever reason, it may not go so well. Sometimes you can easily rent out a property for whatever you're asking, and sell it quickly at a nice profit whenever you so chose. But it's often not always so easy. Sometimes it can take quite a well to fill units and especially to sell a property. And most people who are looking to buy are going to try to buy at the cheapest price they can - sometimes unrealistically so... Buyers often have an unrealistically low price in mind, and sometimes sellers have an unrealistically high price in mind. Don't forget to have plenty of cash set aside for maintenance and repairs, insurance, taxes, mortgages, etc.
http://www.reuters.com/article/us-usa-economy-housing-idUSKCN0WN1I6 Existing home sales fell sharply in February, continuing the large gyrations from last fall when new mortgage regulations were introduced. Have a read. Be careful and keep both eyes open; there are good suggestions in all the postings above.
House flipping is a serious business and it needs a plenty of experience to succeed in it. There are many kinds of houses for sale and most of them are over priced and need renovating which is always off from the sale profit.
With no interest payments to worry about, you could've held off on selling until the market warmed up and the price was right. Unless you can pay cash, the financial risk of house flipping is just not worth it.
I've read in https://nearbyall.com/ that this is not a good idea with today's market and would love some of your thoughts and opinions on the matter.
