Many years ago during the real estate boom I went out on a limb and purchased a home in rural SC. The home was a good deal based on comps but needed a lot of cosmetic help. In a 2 1/2 month time frame I put a lot of sweat equity and time into the project. I sub'd out the things I could not do and did most of the things I could do. After putting the home on the market it sold for the asking price within a month. I was elated. The entire process was enjoyable, even the sweat equity part. I was instantly hooked on all aspects of investing at that point such as finding new properties, looking at comps, negotiating deals, going to auctions and project managing the restoration.
@John Buchanan Why have you not done one since?
Originally posted by :
Why have you not done one since?
live in Baltimore and I want to f*** I live in BaI live in Baltimore and I want to buy property in flipping I just need some strong help on how to make the right decision so is anybody in Baltimore that can help him
Thanks for the question @ Joshua Daniels. I guess several reasons. Full time job, kids, excuses, not having investment colleagues to share the burden with. I really would like to make a go of it and I'm now looking for folks to partner with.
Flipping is for pros. In my opinion one should only flip homes AFTER one has a dependable team of professionals who will do the work AND if one can buy te home at a steep discount ( which is the most difficult part). Typically in my experience successful flippers are mostly folks who have a lot of cash ( the bad homes are all cash buys) AND who have some relationship with the RE agents who handle the bank foreclosures. These agents sell the best homes to these flippers even before they are listed so if you are an individual be assured that the homes on zillow or realtor.com or trulia etc are the ones that have been looked at by professional flippers and they decided against going for them. Very rarely will an individual investor be able to buy a good distressed home, flip it and sell it for a healthy profit. IMO newbie individual investors should stay away from flipping homes
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!