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How do you get into real estate (flipping houses)?

13 Jun, 2008
flipping real estate
??Meow Baby?? asked:


I’ve been curious about all this because I think this might be a field I would good at once I learn the ropes etc. I was wondering from anyone who has done this already what they did to get into it? Did they get a degree if so what in…what are some helpful classes to take etc.

Thanks in advance :)

Posted by admin || Renting & Real Estate ||

4 users commented in "How do you get into real estate (flipping houses)?"

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S E said in June 17 2008 -

Watch out right now, there is a housing bubble in a lot of the country, if prices sink in a hurry you can be left holding the bag. Listen to some on line shows and see what they say. Wait until housing prices are rising till ou get in to it.

- said in June 18 2008 -

Flipping is only a good business under the following circumstances:

1)
You are willing to do ALL the work yourself. This includes plumbing, carpet, painting, drywall, etc. No depending on family or friends that will ***** you every time and no paying outside people who will not only scew you but make you pay dearly for it. You can pay one, maybe two guys cash to assist you. But you have to be there working and show them that you can do it without them. This pretty much goes for any other kind of real estate as well.

2) if you plan on buying cheap houses you need to be able to pay cash, hard to get a mortgage on a cheap house. If you need loans then you need to buy houses at least 30-40k and up and be prepared to make a 8k down payment. Plus have 2x the cash you think you will need to remodle and money to pay the mtg while you do it and wait for it to sell.

3) there is enough money and risk involved in this that you should go out and buy both a rental realestate course and two or three flipping courses. The stuff you see advertised is not bad but might be a bit dated.

4) again with the risk. If you have the cash to buy the houses outright then file for a corporation the next houses you do you can start using corporate credit and if it does fail it wont come off your personal credit.

5) never buy a house that has renters in it. You WILL have to evict them and it WILL be a pain in the …

6) plan and research EVERYTHING.

Good luck and dont forget to pick me for the best answer

Oliver said in June 20 2008 -

Have you heard of Carleton Sheets? It cost me $2000 to go to a seminar to learn flipping houses with his program. But in this real estate market, it’s very scary since house prices have stayed stagnant. There’s another person who teaches it like he does, Robert Allen but I haven’t personally attended any seminars of his yet. Good luck!

mortgage help said in June 22 2008 -

You need to be an entrepreneur. Entrepreneur’s don’t ask so many questions, they just do it.

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