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real estate flipping houses?

11 Sep, 2008
flipping real estate
mrs.v asked:


I am interested in flipping houses– but not the typical way. My cousin Jen said she has made more money off her homes annually than her and her husbands actual jobs (teacher and web designer) They buy a home, live in it with their 3 kids, and fix it up for a bout a year– then they sell and buy a new home and do the same thing. Is this a good idea? How could I do better? I was thinking about getting my real estate license, and maybe a degree in home decor? Is there such a thing? I’m a married sophomore in college– any advice, hints or tips would be greatly appreciated! Thanks in advance!

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Serge M said in September 11 2008 -

What your cousin is doing works well for them. Whether it would work well for you depends on many factors. do you have the necessary capital? Do you have the skill to do the fixing up? Are you able to select homes that are suitable? Can you assess the amount of work and the cost required to improve the home so that you recover more than you invested? Keep in mind that during the time you fix up the home, you will be paying interest on it. If you buy it for cash you will be foregoing the interest you can earn on the cash by investing it in safe securities, such as CD’s or treasury bonds. If you live in the house while you fix it you are saving on rent. You need to consider all these things before you jump in. There are also books on the subject.

Of course you can study home decoration if your schools offer courses. Getting a real estate license is possible, but realtors have to work hard to earn their living, just as with any other profession.

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