House Flip Successes
Everyone who decides to flip a house has dreams of being the one to bring home the big one. You know that really huge success story about how you made more money in three months of working on a house than you and your wife combined made last year. The sad truth is that very few flippers ever have a flip that good and those that do often do not manage to do so on their very first flip. If you don’t have those dreams it’s glad to see that you have your feet firmly planted in the sometimes harsh soils of reality.
Flipping houses is one form of real estate investing that has received a lot of media attention in the last few years and is currently the source of many interesting television shows that play on do it yourself channels on television. If you haven’t managed to watch any of these shows you may be in a much better position to tackle your first flip than many who see these shows and get a false sense of confidence when it comes to bringing in a substantial profit by flipping houses. While the profits exist and are much better than most people would envision, the average first timer doesn’t fare on the higher end of the profit scales all too often.
In fact, most first time flippers make rather slim profits when the tremendous amount of work that goes into flipping a property is considered. One thing you will want to do when flipping your own property is take care not to get too greedy in the asking price. If you can make ten thousand or more on your flip after all expenses are paid (including taxes, realtors, and any fees) then you are doing exceptionally well and should be congratulated. It is those who decide to go for fifty thousand rather than being content with ten that find themselves alienating a good portion of the population that may have been interested in purchasing the property from the very beginning.
In order to make your flip a success you need to be negotiable on the price when all is said and done. This is where many people loose potential buyers and find themselves sitting on the market month after month until they find themselves in a situation where they must sell or risk loosing the house and in this situation they are often in a position that they actually loose money rather than profiting.
Success stories, when it comes to flipping houses are widely available though many of them are just as widely exaggerated. Be cautious in your optimism when it comes to flipping houses but plan for profits and you will find that you are much more likely to get them than if you enter into the house flipping and real estate investing process without a proper plan at your disposal.
Turn your house flip into a success story by spending as much time in the planning process as you spend in the entire labor process that is involved and necessary when it comes to flipping houses. If you do this and budget carefully while sticking to your budget religiously you will find that you are in a much better position to have the success you are hoping to have.
May 2nd, 2008 at 7:34 pm
I appreciate the quality comments on here – it’s nice to have some guidlines and some statistics that help me maintain a reasonable perspective. House flipping is certainly something I’d like to learn more about
May 12th, 2008 at 5:01 pm
I think flipping property is not as easy as most people thoughts. It needs a hard work to succeed.
May 14th, 2008 at 11:20 pm
I flip houses as a side/ part-time job with a group of business partners. My inspiration to get involved in flipping houses came from watching the TV shows that you mentioned. I can honestly say that flipping houses is alot harder than what you see in those shows! The best piece of advice that I would give to someone thinking about getting into flipping is: Plan. You can never plan ahead for everything, but if you have backup contractors lined up, emergency suppliers in place, and other plan B’s ready, you will eliminate a huge amount of stress that comes with this business.
May 18th, 2008 at 4:15 am
Also be very careful because not only are many stories exaggerated successes, but there are a lot more stories of failure and people losing a lot of money.
May 25th, 2008 at 2:57 pm
Comment number 3 is a good one. With property flipping it really is hit or miss, all or nothing. Be tactical, research market’s and trends.
Nothing is totally fool proof but this is one business you have to be careful with!
June 2nd, 2008 at 4:47 am
When I first got into the real estate business, I started out by flipping houses and I realized that the people that you deal with are usually in a hurry to sell and there is a reason the house hadn’t sold prior to your involvement. So you must be ready for the stress and be able to fix things when they break.
June 17th, 2008 at 3:10 am
Rule of thumb, Be Careful! There are many people who lose a lot of money from it. As above said, flipping property is not that easy, working hard is the key!
June 18th, 2008 at 8:20 am
Flipping Houses is not an easy job. Your success and failures lies on your decision-making skills. You need to plan first the things and make sure that you are ready to face the risks of doing that things.
July 2nd, 2008 at 1:03 pm
Real estate should be treated as a long term investment, certainly not short term unless you planning on flipping property. Long term the profits are still there to be made.
With flipping in the present conditions one must be careful that the math is correct or you could get burnt.
July 8th, 2008 at 8:11 pm
house flipping can make you money but the downside can cost you an arm and a leg
July 22nd, 2008 at 5:11 am
I am really starting to see an increase on blogs about flipping these days, what are everyone’s thoughts though based on seasoning issues in today’s lending climate.
August 25th, 2008 at 9:59 am
As far as Indian market is concerned…the registration amount to be paid is a big deterrent…
Also, a lot of resale properties don’t have a proper govt. registration…they get transferred with a simple POA…which can be a risky deal…!
September 21st, 2008 at 9:56 pm
property flipping can bring great rewards, and of course it can bring great losses, so you have to be careful. However all property should be considered as a long term investment, and not something that is going to make you rich in the short term.