Posted by Sailor on May 08, 2007 at 18:41:10:
Read the Archives & order all of Lonnie Scruggs’ books (available
on this site). Also read the MH forum here.
Tye
Where do I start? - Posted by Chris
Posted by Chris on May 08, 2007 at 14:25:38:
I have read a lot of books on how to flip homes for profit and there seems to be so much involved! I am very interested in investing in properties that need rehab and selling them at retail. From finding properties that need work in good neighborhoods to estimating the costs to working with the contractor to financing to actually executing the deal seems overwhelming! All of this seems intimidating but I want to perservere and would love to start in this business. Any advice on where to start?
Re: Where do I start? - Posted by Anthony Hadzimichalis
Posted by Anthony Hadzimichalis on May 14, 2007 at 19:59:38:
Start by talking to homeowners in pre-foreclosure, then talk to other investors, agents, attorneys, etc (they are the pulse–forget the guru seminars for now)…owners in pre-foreclosure are by far the most motivated group of sellers…you would be surprised at some of the creative investment strategies some of them are willing to let you try…just make sure you dont break any laws and that you cover yourself…consult an investment minded agent and/or attorney…but my suggestion is to just get out there and start talking to people about how you might be able to help them.
Re: Where do I start? - Posted by Chris
Posted by Chris on May 11, 2007 at 19:48:25:
Good advice, thanks. Also, I am nervous about acquiring the money for upfront costs associated with flipping such as: down payment, rehab. expenses and carrying costs. I have crunched the numbers endlessly and figured that I would need roughly 40K to start (upfront costs). I thought about taking a home equity loan out against my home but this makes me nervous. When I sell the “flipped” house and make, hopefully, a nice profit how do I pay the home equity loan off as this would probably take most of the profit? Any suggestions on this or other financing options? I guess my biggest fear is “losing my shirt” if the deal does not work out.