DIY Home Improvement, Remodeling & Repair Forum > DIY Home Improvement > General Home Improvement Discussion > I want to be a House Flipper.




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Old 02-22-2010, 05:43 AM  
Con65
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Message from my wife:

"YOU GO GIRL!"



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Old 02-22-2010, 06:23 AM  
inspectorD
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It took Bud alot of reality to get that way. But speaking from experience is what you want. Some dreams are sugar coated, like the one where this donut goes...never mind.
Edumacate yursef any way you can, and when you feel confident enough to fly, jump out of the nest. You'll do fine, as long as you continue to educate yourself while your at it.

Life is what it is...enjoy it and follow your passions, no matter what anyone tells you...it's up to you, guts and luck to make it.

Hang around here alot...you'll learn plenty.



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Old 02-22-2010, 06:29 AM  
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I think all the comments expressed are meant in the spirit that we'd love to see you succeed, but want you to get into this with your eyes wide open. We've all seen people get into remolding way over their heads and either can't finish a project or turn out a product of questionable quality. You have a dream? Go for it. We'll help where we can.

Remember the words of Graham "My very best is the least I can do"

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Old 02-22-2010, 08:52 AM  
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Thanks everyone for the comments!

My parents actually started a business about 10 years ago. They wanted to be the first in that line of work to run a clean, honest business. It didn't work out, partly because they were very honest and hardworking, and secondly because the business they were in plummeted shortly after they started. After that, we had to move to a terrible city in my grandparents house. Even though we were able to return home to middle TN in a few years and get a nice house, we never fully recovered. Oldog/Newtrick... You are from Nashville... So I am sure you know what this 'failing industry' is I am talking about!

Even though I was young then, it still hit hard for the whole family. I look back now and wondered if anything could have been done. Sometimes my parents wish they could go back with the knowledge they have now... But my dad still wants to start a business. He has always loved the thought of doing it, and I think if the conditions were right, he'd do it again in a heartbeat. I also know that I have my parents to give me advice and help me make better decisions as I go into this career.

I really appreciate everyone's help and comments on here. I am not going to let one person get me down... I would love to hang around here more... Unfortunately, I think I'll mostly be a 'lurker' as I don't have much to contribute, except maybe a bit in the 'cleaning' and 'off topic' sections! Hopefully I'll be able to join in more WHEN I start my volunteer work. After all, the reason I joined this forum was to get advice from the masters!

-R

PS: Also... I would love it if you all could share your stories on how you got into your career. How old were you when you started? Was it a family thing? Do you love what you do?

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Old 02-22-2010, 10:51 AM  
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I also just read the entire thread that Phatboy posted about the total remodel of his Louisiana home... WOW! How inspiring. That is exactly what I would like to do with my fiance someday... He is more of a computer guy... But I think I could get him to buckle down and work with me on a project!

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Old 02-22-2010, 02:57 PM  
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Quote:
Originally Posted by TrueSouthernPeach View Post
I also just read the entire thread that Phatboy posted about the total remodel of his Louisiana home... WOW! How inspiring. That is exactly what I would like to do with my fiance someday... He is more of a computer guy... But I think I could get him to buckle down and work with me on a project!

Computer guys are good at procedural things typically. It might work out well.
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Old 02-22-2010, 03:21 PM  
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I'm sure it will I have mentioned having our first home be a fixer upper and he seemed pretty interested. Since I'm not so good with math (and he's a math genius) that will help!

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Old 02-23-2010, 01:40 PM  
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One suggestion I would make is to not call yourself a "flipper" that smacks of someone out to make a quick buck with the minimal investment of time, effort and materials. Not someone I would buy a house from. It is the "flipper" mentality (The derivatives market is based on "flipping" financial instruments) that has dragged the world economy to the brink of ruin.

It sounds like you have a genuine interest in doing justice to the craftsmanship required to build those old houses. Perhaps call yourself a "restorer". Obviously to make a living at this, you have to be concious of bussiness principles, but I hope you approach this as a passion first and bussiness second rather than the reverse. In short, I would leave the real estate licence till last.

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Old 02-23-2010, 02:41 PM  
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Default Flip your own first

I think the best way to start this is by buying your own "fixer Upper" and live it for 2 years while you make the improvements. This will give you the experience you need while keeping your expenses down. You also get the benefit of no capital gains. (As long as you live in the house for 2 years)
I know many people that have done this over and over again. If you start when you are young, you can have your dream house completely paid for in about 4 or 5 turns.

Good Luck!

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Old 02-23-2010, 04:07 PM  
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William Nickerson bought structurally sound houses that were cosmetically unappealing and rented them out while he fixed them up, then sold them.

I did that just once, with a house on the next block, but a bunch of hippy tenants and a divorce intervened. Ah, those were the days!

When you want to sell, use the Effros method.



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