Flipping Houses?
Monday, March 22nd, 2010I recently have become interested in flipping houses (like on TLC and A&E). Does anyone know the procedures for flipping, or where I can find info on it.
"Flipping" is generally discouraged for the general investor…you get taxed a high rate on captial gains that you would have to get some very good appreciation to break even. "Flipping" generally works best for real estate agents.
For the rest of us, a buy and hold for one year is what we can expect, preferably on a pre-construction home for maximum appreciation potential, but be prepared to tie up a deposit for a year.
If you can’t consider a new construction, older homes are not a bad choice for a quick turnaround…via fixer uppers. Some people make their living buying a dumpy home in a good neighborhood, acting as the project manager to fix it up, resell, then move onto the next project. If you enjoy this lifestyle, you can probably make a good living after 4 resales.
http://www.amazon.com/Make-Money-Fixer-Uppers-Renovations-Eldred/dp/047143342X/ref=pd_bbs_sr_2/102-9916951-7892154?ie=UTF8&s=books&qid=1183491150&sr=1-2
Flipping Houses Explained by http://www.RehabList.com Step-by-step video on how to rehab a house. Before you start rehabbing, learn what-to-do and more importantly what-not-to-do from two real estate gurus. Valuable information on real estate investing & flipping houses.