For all of you who want to be a rehabber, I found the article for you:
Flipping Houses: A Messy Business, written by the Fliperati, shows exactly why flipping isn’t for everyone, especially you neat freak, germaphobes. Lots of fun pics for everyone to see. The blog seems pretty cool too as it details his flipping adventures.
Article Author:
Joshua DorkinJoshua has written 539 articles for us.
Visit Joshua's Website: http://www.biggerpockets.com/
BiggerPockets.com was founded by Joshua Reed Dorkin in August 2004. An entrepreneur, web designer, real estate investor, and one-time realtor, Joshua was not satisfied by the online offerings of other real estate sites out there, and decided to build one himself. Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
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{ 4 comments… read them below or add one }
We bought an old house (circa 1905) and took our time fixing it up. In the end, we just couldn’t part with it and it became home. We have had numerous offers, but we put too much work into it to part. I don’t think that this is how “house-flipping” is supposed to work!
I have had that happen in the past as well and it is the most serious mistake I have made. “Never ever fall in love with your fixer”. You want to keep things on a professional scale and follow a plan.
I lost 50K on the one I fell in love with.
Since then I have done hundreds of remodels
Short Sale properties make great flips after some rehab
I remember the very first rehab work I did from the first foreclosure home I bought. I thought I would never get out of the clearing the junk mode. It was disgusting! I just have to keep motivating myself that there will light (ooops I mean cash at the of the tunnel).
My first house flipping experience was also a doozy. The biggest issue I had was a roof leak that I couldn’t seem to figure out. In fact I never figured it out but was luck enough to still turn it over and make a profit. Would have made a great episode of “Flip This House” as I had to sue one of my contractors, do some work myself, fight with other contractors and even found an old car in the garage that I sold on Ebay. Never dull!
Josh Schoenly´s last blog ..Success Story on Flipping Houses