What’s the most important thing to know about flipping houses?
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3 Responses to “What’s the most important thing to know about flipping houses?”
April 29th, 2008 at 8:08 am
The most important thing is to buy cheap.
You need to pay 30-40% under recent comps to make it pay off.
This will be your biggest challenge. Where to find properties at such a deep discount.
Hope this helps.
Terry S.
April 30th, 2008 at 4:33 pm
Construction techniqes, plumbing, HVAC, city/county codes, permitting, financing, budgeting, money management, contractors, design, vision for improvement. There is so much to know. I’ve been selling new construction homes and existing homes for almost 20 years. I think I have a pretty good idea about most of it, but to be honest, I wouldn’t try it. The risk is too high. TV only shows you the good jobs. Most don’t work out. And there are so many scams out there right now it’s hard to know who you can trust. You would be better off working a part time job.
May 1st, 2008 at 11:21 pm
All the profit comes from the buying end. You could spend to much fixing a property up or the market could falter before you sell. You could get stuck on a project and the months tick by eating up interest. Lots of things can go wrong. The only thing that can be controlled and go right is that you bought the right house at a great price.
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