How Do I Begin Flipping Houses?


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  1. I see him more of as contractor instead of the business flipper. Cause if you
    Put a lot of money in the house then you will not profit in the home. So the contractor or remodel has to be simple so you can profit. Yeh like dave said is correct.. I been to couple flipping homes. That's my dream job!

  2. I've done exactly this, except that I was the "investor with cash", buying those $50k house with cash to rent out.
    This works for the person who's flipping and making $5k on the transaction. Because there are people (Like me, uneducated and stupid just looking at ROI) who'd be willing to buy those cheap fixed up house.

    But I learned this business the hard way.

    Let me tell you… Those tenant who goes into these $50k houses… (monthly rent of $600 or so) are the people you don't want to deal with. They TRASH the place after renting for a year. I got burnt real bad. They break stuff all the time, they call up for repairs all the time. Some I had to evict, one lady took me to a court because I used up all the deposit for repair after she trashed the placed and moved out. I had to go to the court in the shadiest part of the town and explain to the judge that she did $2000 worth of damage and the $600 deposit doesn't even cover it….. blah blah. NOT WORTH IT. I'm NEVER DOING IT AGAIN.

    You want to be renting out to someone who's making a decent wage… Someone who'll pay $1500 ~ $2000/mo in rent. These are the people who will take care of the house and don't give you too much hassle.

    Remember, when you call a plumber to fix something, it costs the same $300 regardless of whether you have a $50k house or $200K house. But $300 wipes out half a month's rent on 50K home, but only 1/5 of the rent on $200K home.

  3. I don't understand that Dave? The bank got sold to another bank and they called your notes? So you had a lot of debt flipping multiple properties and the banks can call their entire notes at any time? Can someone explain…… learning. Thanks!

  4. Wholesaling can be a great strategy, if you know how to find the leads this is your best option if you don't have a lot of money

  5. Dave's referring to the economic profit, which accounts for the opportunity cost. When you deduct what you would've made remodeling for someone else, are you still making money?

  6. So with this being a wholesale flip, Dave talks about wording a purchase agreement with a home owner to include what would be a 'contingency' clause that says something like, "subject to agreement by my business partner". Does someone have a web link to such a purchase agreement that could be used in the state of Virginia?


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