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 04-12-2010, 09:51 PM  
frozenstar
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With regards to credit card overall score, I saw this interesting awhile ago:

http://finance.yahoo.com/banking-budgeting/article/109280/high-balance-on-one-card-can-hurt-overall-credit-score?mod=bb-creditcards



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Old 05-03-2010, 12:29 PM  
Todd-Beaulieu
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My wife and I have been in a new old home now for a little over a year now. There are stretches where we are working from the crack of dawn, till past dark. Exhaustion. Soreness. Lack of a life outside the home. We do it as a labor of love, being our own home, but I can't imagine doing this full time as a living. It's just too stressful!



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Old 05-15-2010, 05:15 PM  
Sam1215
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Quote:
Originally Posted by TrueSouthernPeach View Post
Hello,

. . .

Basically what I'm asking is: How do I get started? How can I learn/teach myself all of the complicated skills of house flipping? What is the best way to do it financially? What can I do to prepare myself mentally and even physically while I save money? Please don't discourage me because I'm a girl. My family and fiance' have already told me that this is not something I should get into. However, I am deeply, and truly interested in this kind of work.

Thank you for taking the time to read this!

-R
These days, learning how to do short sales is the way to go.
Countless people are being foreclosed on. The banks are in *big* trouble for writing bad loans and have a real high motivation to make them good.

So, basically, you find a house where the mortgage is at or over the value that is in foreclosure proceedings (a 'Lis Pendens' in the public records). You locate the people in charge of loans in default. Then get the owners to sign a tentative agreement (contract).
You create a 'Short Sale Package' including information on why the owners can't pay, why the property isn't worth the loan, pictures making the property look *bad*, etc. and you present it to the bank (loan defaults).

If you're interested, go to the book store and buy a couple books on 'Short Sales'.
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Old 05-18-2010, 09:44 AM  
Rustedbird
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Somehow I wound up being the world's slowest house flipper. Didn't intend for it to be that way but a better situation would come up somewhere else in this great country, I'd have to sell. By that time, everything would be working, no more great problems hanging over my head, and I'd be looking forward to catching up on my reading and doing my hobbies.

I hope this time I stay put.

It is a nice feeling to make house your own though. I'm at two built-in bookcases and counting.

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Old 06-02-2010, 05:43 PM  
thomask
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TSP:

My suggestion is to go out and get some hands on experience. Start with a Habitat House, see what it takes to build or remodel a building. Watch a house being built from start to finish. Remember that a remodel is always harder than a new house build. See what they mean when they say "up to code". You may even get hired on as a carpenters helper or a laborer on a residential construction job. Just remember there is no substitute for experience. Learn from the pros both the good and bad sides of construction. Even the pros will run over budget and always plan on extra unforseen costs. Look for someone that is doing a current flip and see if you can shadow or work for them to get a real life example.

You can do anything you put your mind to and good luck.



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