DIY Home Improvement, Remodeling & Repair Forum > DIY Home Improvement > General Home Improvement Discussion > overhauling




Reply
 
Thread Tools Search this Thread Display Modes
Old 10-19-2007, 07:03 PM  
cindy123
Junior Member
 
Join Date: Oct 2007
Posts: 1
Default overhauling

Just curious...whats the term called when you buy a home cheap, overhaul the whole thing and then immediately sell it for a huge profit? I know there is an actual term for this...just can't remember. Thanks!



__________________
cindy123 is offline  
 
Reply With Quote Quick reply to this message
Old 10-19-2007, 08:52 PM  
mudmixer
Contractor
 
mudmixer's Avatar
 
Join Date: Sep 2006
Posts: 601
Liked 46 Times on 38 Posts
Likes Given: 38

Default

The term is "dreaming", especially the immediatly part.

__________________
mudmixer is offline  
 
Reply With Quote Quick reply to this message
Old 10-20-2007, 10:30 AM  
glennjanie
Senior Member
 
Join Date: Mar 2006
Posts: 2,990
Liked 2 Times on 2 Posts

Send a message via AIM to glennjanie
Default

Welcome Cindy:
On my TV they call it 'flipping a house'. There are many shows about it on the Discovery channels that show people making a fortune in house flipping. A word of caution though; the housing boom is over, it is a buyer's market and credit is very tight. The magic numbers are no longer there.
You should check to see how many houses are for sale in your town and in your county before jumping in. If you are willing to live in the house while you do the work and until it can sell (rather than paying for two places at the same time) you may come out better. Plus, if the house doesn't sell right away, at least it is your mortgage instead of an extra burden.
Seek the advice of an Appraiser for the before and after values; $200 spent now may save you a lot of money and heartaches later. Happy house hunting and blessings on the work. Please give us pictures of before and the progress.
Glenn

__________________
glennjanie is offline  
 
Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Newest Threads

LATEST SPONSOR DEALS