Flipping Houses

[Stephanie Stevens]

Wanting to start flipping houses but unsure about financing. I'm a stay at home mom and my husband works. I've always been into renovation and flipping houses is something I have always wanted to do. Is there any woman starter business loans, or other options I'm not aware of? Thanks! 

[Richard Folkerson]

I don't know anything about loans or anything of the sort.  I would advise that you really educate yourself about the whole process though.  Especially if you are planning on refinancing your own place to purchase your project home.  It's one thing to be interested in renovations and construction and a whole other thing to understand the logistics and time -  not to mention cost in renovating a house.

Through my experience in the trades, a safe ballpark is :

Bathrooms cost 10 000$ for a basic renovation and kitchens 20 000$.  Again those are basics remodels with no bells and whistles.  Plus always account for the 20% over budget fund on what ever quote the contractor gives you.

I've never in my entire life worked on a project that 'stayed within budget'.  The home owners always end up getting the guys to come in on the weekends and pay them cash to finish the job to avoid the extra sales taxes from the contractor. 

Plus lets not forget the holding costs if you make a mistake and end up not being able to sell the property as quickly as you hoped.  Know the market you're investing in.

Sorry if any of this sounds patronizing.  I would hate to see you make a costly mistake.