fix 'em and flip 'em

[mopinko]

cross posting from diy/home improvement.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=287x4463

[MemphisTiger]

1. I think it depeds on your market and you're not borrowing ALL

the money. I know people that tried it and lost everything and others that make a decent living at it. The ones who have made money can do alot of the work themselves but know when it's cheaper to hire a contractor for specific tasks like roofing, plumbing, etc. The ones who can do it full time seem to have more success at it than the weekend warriors.


Make sure you know the neighborhood and have a solid timeline that you have build in bad weather days and build in some unplanned for money because it always comes up and GET AN INSPECTION before you buy the flip house. Consider foreclosure houses and get your real estate license and that helps on the commission. Also, don't go overboard in renovating, remember that YOU are not going to live in the house so go with granite tile rather than granite slab for the counter top, things like that.


If you go after this good luck, I wish you the best but I think interest rates are going up so it's going to be getting tougher and tougher.