All Forum Posts by: Galit Garsiel
Galit Garsiel has started 22 posts and replied 37 times.
Post: When selling a flipped house, do you get the money right away?
- Posts 37
- Votes 8
When you sell a house you've flipped, can you get the money right away, or do you have to let buyers pay mortgage, because nobody is willing or able to pay all the money upfront?
Post: Should I go into house flipping without experience?
- Posts 37
- Votes 8
Quote from @Malcomb Stapel:
Quote from @Galit Garsiel:
I own an apartment and want to sell it, buy a house in need of repairs, and sell it. I don't have experience, but can pay for a good real estate investment advisor.
Should I go into house flipping even though I don't have experience?
In the current market, be careful. Are you considering a live in flip?
Maybe, but it has to be first floor, and me having the yard all to myself, because of my cats. I need a fenced in yard.
And if I live in teh flip, it would be temporary.
Post: Should I go into house flipping without experience?
- Posts 37
- Votes 8
I own an apartment and want to sell it, buy a house in need of repairs, and sell it. I don't have experience, but can pay for a good real estate investment advisor.
Should I go into house flipping even though I don't have experience?
Post: How not to get cheated when buying an apartment
- Posts 37
- Votes 8
How do you avoid paying for an apartment and then getting cheated?
There was a company that went broke, and people have paid them for apartments they ended up not getting, nor their money back. And there was a person who paid someone to build a house for him, and the guy took the money and disappeared, perhaps to another country. There were also people who'd paid a company for apartments that ended up being storage spaces instead of apartments.
Aside from paying for a house/apartment that alread exists and not being built, seeing the apartment you're going to buy for yourself, signing the contract in front of a lawyer, and checking out the person you're buying the apartment from, what else can you do to protect yourself? What to watch out for?
Post: How long does it take to sell a house/apartment?
- Posts 37
- Votes 8
From the time you buy the property until you get your money, how long does it take?
You have to do repairs, find a buyer, and then they don't move in right away, so you don't get your money right away. How long on average does it take?
Post: Did you ever lose money flipping houses? Why did it happen?
- Posts 37
- Votes 8
Quote from @Bob S.:
Quote from @Galit Garsiel:
Can you share your experience?
Nope, maybe I did not make as much as I wanted bit never lost. Not a bad track record for doing about 500 deals ,,
Excellent track record. I'm impressed.
Post: Did you ever lose money flipping houses? Why did it happen?
- Posts 37
- Votes 8
Quote from @Steven Goldman:
I personally have not lost money in the flipping business but I sure know a number of people who have. The number one reason people fail at flipping: They pay too much for the property to begin with. Always make sure you are buying under or at low value. Second, many rehabbers try to fit the construction budget to their pocket book. That does not work. You must be able to afford to rehab the property to the standards required to get the ARV you are projecting. If you cut corners you lose or break even. (That is also also a loss as you've wasted you time. Which is your most precious commodity).
Unscrupulous general contractors are another major reason that projects fail. If you are using a contractor make sure you get a complete written contract (With scope of work and materials clearly defined) and only allow changes that are evidenced by a signed written change order. The change order should contain the cost of the change in the work. Talk to people who have used that contractor recently and get their opinion of the timeliness and the quality of the contractors work. An old recommendation is worthless because contractors evolve over time. One that was good two years ago may not be good today. Also either you or someone you trust be on your job site regularly. This avoids costly construction delays and disputes about the quality of the work.
I believe in attaching yourself to a meetup or group in your area and to pick the brains of the more experienced rehabbers who attend. Than put what you learned to work on your project.
Good Luck!
Plenty of good advices and valuable information. Thanks a lot!
Post: Did you ever lose money flipping houses? Why did it happen?
- Posts 37
- Votes 8
Quote from @Bruce Woodruff:
Yes, I have. Two reasons....1) I was naturally drawn to high-end work and finishes, being a custom Contractor/Builder. So I overspent on time and money to make the house more beautiful than it really needed to be. Time turned out to be the killer. 2) Because of the time overrun, we missed the market....we got into October and showings and prices went down dramatically.
Ended up losing $9k from our projected break even......
Sorry to heart that... but thanks for sharing.
Post: Did you ever lose money flipping houses? Why did it happen?
- Posts 37
- Votes 8
Can you share your experience?
Post: How do you prevent being cheated when buying a house?
- Posts 37
- Votes 8
I've heard about people who paid someone to build a home, and that person disappeared with their money and left the country. Heard about a stint where people paid money for a home in another country, and the company in charge sold them basements and storage instead, and took their money.
Aside for buying a house that exists and not being build, and visiting the apartment for sale and seeing it for myself, what are precautions are there to take?