Comments on: 5 House Flipping Don’ts

By: Free Landlord Rental Forms

Free Landlord Rental Forms — Sun, 23 Nov 2008 03:21:21 +0000

Just as an additional note, it’s exceptionally critical that real estate investors comply with Do #s 2 & 5 above, and not spend money lightly. When the market was heated up, investors may have lucked out with fast appreciation and buyer desperation, but not any more. Now, most investors may not even be able to borrow the required money, much less borrow a cushion.

By: Mortgage Directory

Mortgage Directory — Wed, 19 Nov 2008 03:58:12 +0000

The first point is the most important, but also you must understand the overall market not just the neighborhood. There are areas of the country where flipping is much more risky.

By: paul sothebys

paul sothebys — Sat, 15 Nov 2008 05:28:48 +0000

#5 got me on my first flip in 2003. I am a perfectionist and overbuilt for the community. Granite and stainless are not always needed in every flip. Take a look at other homes for sale in the neighborhood and either build just a little bit nicer and sell at the same price or build about the same quality as the rest of the neighborhood and sell at a discount.

By: Karen

Karen — Thu, 30 Oct 2008 15:17:08 +0000

Flipping has been risky over this last few years as prices are falling and lenders are tightening credit. But many think we’re hitting bottom in many areas of the country. We’re having multiple offers on REO’s here in Maryland, a good sign. I think when the dam breaks, we’ve got a lot of pent up buyer demand. It will be a good time for savvy flippers to do their magic.

By: Rey

Rey — Mon, 27 Oct 2008 21:09:50 +0000

Thanks for the tips, these are good guidelines to follow. I’d also add that if you can find a mentor who has some experience in flipping, that would be a great help throughout the whole process as there are lots of things that might fly beneath the radar unless you have the experience.

By: Dylan @ Bend Real Estate

Dylan @ Bend Real Estate — Tue, 21 Oct 2008 19:22:58 +0000

Flipping homes is still happening, but less and less these days. Long term real estate investments is where real money will be made in the next 10 years.

By: Dallas Web Design

Dallas Web Design — Mon, 15 Sep 2008 22:22:44 +0000

Great list. I have had a bad habit of breaking #5 and spending more money on the place than I should or is necessary. It seems to be easy to add someone unique to the design and be able to justify it thinking it will increase the sale price or help the property sell quicker. It usually doesn’t.

By: Steve Simon

Steve Simon — Wed, 10 Sep 2008 19:59:55 +0000

Consider using leverage to buy the houses to flip even if you have the cash! This way you have the holding power of your cash in case the flip takes longer than you thought it would!

By: Charleston SC Real Estate Agent

Charleston SC Real Estate Agent — Tue, 02 Sep 2008 02:39:43 +0000

This article has some great tips about home flipping. I will also add that it is important to remember that there are always costs other than the obvious expenses like labor and materials. There are real estate fees, closing costs when buying the house, and miscellaneous expenses like the opportunity cost of your time. If you quit your job to flip houses, then you are losing out on the income that you could have made from that previous job.

By: Dickson TN Real Estate

Dickson TN Real Estate — Fri, 22 Aug 2008 14:12:51 +0000

As far as home prices go, now seems like a pretty good time to invest in some good flips. And your right about #5. It’s very easy to start on a flip and want to do a ton of work to make the house amazing, but in the long run you are better off doing just what is necessary to make the flip look goo (at least starting out in my opinion). I think it takes a while to learn when something will make a difference vs. eating away at your profit.
Great advice though.Thanks