House flipping

>>1594015
>>>1590794
check out my thread on the same topic

>>1594015
first replier on other thread, and also semi-rich flipper.
First tip- Don't.

It's not a get rich quick scheme, there isn't any guarantee you're on a goldmine property, if you don't put in at least, if not more time and effort into it than you would a regular day to day job, you will just end up with a lot of garbage on a lot that goes vacant you'll have to sell to a professional developer like the cuck you are.

i will continue tips in another post because breakfast.

>>1594665

Things you need to know before entry, AKA- John Q. Publicpost

Those ads you hear on the radio looking for people to "learn the ins and outs of house flipping" are a really good way to lose a couple hundred, if not a couple thousand bucks. If you want to learn the ins and outs, literally just buy an auction or foreclosure property and do a blanket google search on "how to flip houses", you will find a lot of information, step by step tutorials, blogs of people who have made it, and blogs of people who haven't. You learn from all of them and take in what you can.

There's a few questions you need to ask yourself before you start-
Do I have enough to logically sustain myself and my family for the time it will take to flip this house and keep it on market (~5-7 months)

Do I have enough to where I can take a minimal profit, no profit, or a small loss on a property and not have it severely effect my well being?

Where am I looking to begin my flips?

Am I going to sell or rent properties, and if renting, can I logically convert the space into multifamily housing or hybrid housing/business property?

>>1594676

Lets say you're hunting for a property, first, know your area. Information is available online for historic property value and if anything majorly fucked up happened there. This is both a blessing and a curse, you can buy an ex meth den generally pretty cheap because of city ordinance information about properties used in the manufacture and sale of drugs, but your buyers can, and will, know, and be able to gouge you on the price. My advice? stay away from the ULTRA low end housing. If you find a lower class suburban property for cheap, cool, if you find a murder house, cool (good luck, i've actually been looking for one just for fun and truth of the matter is that it makes properties more valuable as commodity items. who knows, we live in a weird world.)

You're 3 years late. No one is flipping right now.

Actually, let me correct that... No one is STARTING to flip right now. The pro flippers who haven't changed investment strategies know the few places left (and the criteria) to look for the good investment property and will beat you to it every time.

All you will be left with is these mediocre investment homes the pros didn't want, where you have zero room for error. Something unexpected shows up during the remodel? You lose money. Property sits on market and you have to carry it for 2-3 months more than your projections? You lose money. Icing on that shit cake is with annual appreciation back in the low single digits, you can't just wait a month or two for your numbers to slide back into the black if things don't work out, either. You'll be stuck in the red for fucking ever.

REAL pro-flippers (not the advertisers who just want money) have zero reason to help you, either. They spent a lot of time and work dialing in their system procuring the right contractors, making the right connections, and knowing where to look and what to look for in homes to buy. Their success came from a lot of mistakes, money lost, and heartache before they found their way to making it. Why would they just give you all that info for free? You'll just be another bidder driving up prices on the few good investments left, which loses them money.

I could write another five pages on the subject, but the point is don't start flipping. You missed the opportunity to "practice" with small risk back in 2010-2013, and the people who DID get that practice are still out there, and will make it very difficult for you to procure the right properties to make any sort of money at flipping.

>>1594015
Not just for house flipping, but rental property too, you'd better have the knowledge and skills to make repairs, and cosmetic improvement yourself. Anything you have to pay someone else to do is going to seriously affect your profit.

When you are looking to buy foreclosed propeties you can almost certainly guarantee that they are going to need work. At best people who can't afford to make their mortgage payment, probably also can't afford to fix a leaky roof, or minor plumbing issues either, and things like that usually don't get better with time, or fix themselves. Then there's people who will start ripping out walls and shit if they know that theyre about to get evicted, and lose the place to foreclosure.

Also, houses that sit vacant for long periods tend to develop problems. My grandpa died back in May. My uncle has been trying to take care of the place, but the place is already developing major problems. The roof is leaking, and a pipe busted in the kitchen that he didn't notice for a few days. If you buy a place like that that has been sitting for any length of time, just accept, and expect that it's going to need some work, perhaps major.

Never even consider a place with a bad foundation. Some may disagree with me here, but imo foundation issues are going to be more trouble than they are worth.