[amazonify]0071486100:right[/amazonify]My wife and I are considering flipping a house. Yes, I know the real estate market is in the doldrums. The logic is that if we can turn a profit on something now, we can do it long term and potentially make this into a nice business.
I’ve googled some of the top returns on the topic of flipping homes. There’s a lot of shady crap on the Internet. Thank God I have some savvy when it comes to sniffing scams.
If my wife and I decide to do this, I have decide to document, both photographically and with videography, as well as my usual blustery writing and panache filled witty repertoire. All of this fine material, will of course, be free to you my three faithful readers. Yes, Kitanis, I’m talking to you. And you too Gringo Malo.
I’m leaning towards actually doing this – in an economy based on fiat currency I see no down side to some calculated risk taking. Actually that would be true in any economy. And there are practical benefits – when I do build my dream home I’ll know exactly what not to do based on real world experience with other homes.
I bought a book on the topic (that’s generally how I start a new learning process. I’ll report on this as things move along – I figure there is public interest in this topic based on the number of TV shows about flipping houses I’ve noticed in the last few years.
The first two houses Barb and I looked at were priced at $12,000 and $17,000. The $12,000 home had a tin roof and was, for lack of a better term, a craphole. The $17,000 unit had really low ceilings and at some point was a participant in a fire, but was on a nice lot and had much more potential. We’re looking at other possible buys. The real estate market is glutted with properties that could be easily fixed up, at least in our area.
Here is a list of people to avoid if you’re thinking about flipping houses and want to get off to a good start:
Whether or not my wife and I do a flip or rental property deal, this list will grow over time as I do more research.