Posted by David Gardner on August 18, 2000 at 06:48:30:
Just look in the classifeds for “handyman special” or “fixer upper” or just drive neighborhoods and look for abandonded houses. Also look into HUDs and VA repos. There should be a website for both in your area. As far as financing repairs, use credit cards or get a line of credit from a bank. I recently bought a HUD property that was distressed. I paid $49,000. After $4500 worth of repairs, it is appraised at $68,000. I have it rented now with $200 per mo cash flow.
Hello,
I have read through some of the messages on the board and it sounds like flipping houses is probably the way I should go at least till I save up some more money. I know a lot of contacts for roofing, painting, and plumbing. But I don’t have enough money to bring a house back to life. On the downside of flipping I don’t know where to go to buy or sell. Anyway I’m just asking for the someone’s opinion on getting started from scratch. Thanks.
Hi Joseph: My suggestion would be to flip properties that don’t need a lot of rehab. Just cleaning. Cosmetic touch up, etc. And to do it in a way that you don’t need your own money or credit. That is how most flippers I know do it. And it works well.