Looking to flip houses. Partners wanted.

[Drftpretty]

Never done it before but I have done alot of cosmetic work in family owned rental properties.

IE: Sheet rock, painting, spackeling, mild carpentry & plumbing, landscaping.

Looking for serious people to try a flip with. PM me or post up. I have a few days a week I would dedicate 100% to a property.

[Jeffros Spec V]

My Father does this as a side gig. #1 most important thing is money.

You gotta be able to drop $15-20 k into a house and not be ****ed and thats ontop of purchasing a house to begin with (grante dyou don't have to pay the entire thing off)

Experience is also a must have. If you don't have number 1 you can be hiring people to come do the work for you. Plus there are so many small odds and ends that if you can't handle it, well you're ****ed.

[Chair-Force]

Also being able to sell the house quickly is a huge factor in making a profit and not financial ruin.
I think a newbie doing this in the current housing market is a recipe for fail.

[ITSTOCK]

I work for a lot of people who flip houses as their living and have been doing so for 20+ years. They have all made millions in the past.

Right now is NOT the time. You're trying to catch a boat that already left dock and is out at sea. The last of the 3 houses that we did lots of electrical in, all 3 lost money from 3 different owners. Hell, one of the investors lost money on the last 3 houses that he had! The other houses are all still sitting for sale, and I'm sure if they haven't already, they will eventually begin to lose money from carrying costs.

It might not be the advice that you wanted to hear, but hopefully it saves you time and $$$$$$$$$$$$$$$$.

[Roadkilled75]

Yeah. I'm looking at houses for rent, and it's awesome. Half of the ones I have called are people stuck in flips hoping to rent for less than their mortgage to cut their losses...

[Scapegoat]

yeah, don't get into that yet... Its better to start off with buying a twin and renting it out ;)

[auk113]

Take this from someone who does this as a side gig. This is not the time! If you want to make some $ look into a long time investment. Get a duplex for rent. This is a perfect time for that. Due to financial **** hole that we are in right now, not too many people can afford to buy a house. As a matter of fact there are a lot of foreclosures right now. This is a perfect opportunity to pick up a rental. I personally have a duplex, my parents have a multiple. The renters pay for your mortgage and then some. Once in a while you'll have to spend $1k+ on a high end appliance like water heater.

[gpzjack]

good luck...right now is a really bad time. I work in RE. I know. Be prepared to sit on a house once its done. My friend bought a flip. He's been renting it out for the last 6 months. Barely paying the note on it.

[twistedlanes]

Yeah I was doing some research on this recently and I've been hearing the same thing. So what do you guys suggest the OP or anyone looking to getting rentals instead of flipping for the time being look for? what are some tips or just smart ways to get started in RE.

[poisonivory]

Originally Posted by auk113

Take this from someone who does this as a side gig. This is not the time! If you want to make some $ look into a long time investment. Get a duplex for rent. This is a perfect time for that. Due to financial **** hole that we are in right now, not too many people can afford to buy a house. As a matter of fact there are a lot of foreclosures right now. This is a perfect opportunity to pick up a rental. I personally have a duplex, my parents have a multiple. The renters pay for your mortgage and then some. Once in a while you'll have to spend $1k+ on a high end appliance like water heater.

QFT!! my uncle has a duplex in NE Philly. His tenant pays his mortgage and then some. He lives in the other, all he has to pay is his share of bills. All his income from his full time job is all extra play money or whatever. Thats the way to go. You do not want to be putting out cash for a "flip" in the current market, you won't win.

[gpzjack]

The problem with most duplexes right now is that they are still priced too high. My sisters was for sale for like 180k the rents were very low ...very little if any room to make money....while i agree that apartments are going to be the thing to own in the near future...i see many that are still way too hight to make money off of. I have been in the market for a while and decided just to buy a new house and move instead...My plan right now it to pay off all my debts except for my mortgage and ride out the recession.

[The Captain]

What kind of partner are you looking for? Monetary partner, or someone who will help doing the fix-ups? I got nothing to invest, but if the flip was near me i'd prob. be able to help on weekends. I'm a workhorse, i've done construction for about 5 years (asphalt and concrete mostly), but i know some carpentry too.

[Structure240sx]

i am one of those people that got stuck in a flip.. my situation was a little different in how i got dicked. i have been renting it for a year and about to sign another lease with the same tenant. my rent is pretty cheap but it covers the mortage for now so i might put out $1500 or so a year paying water sewer and dwelling insurance.

in a few years i will have decent positive income from it and maybe in 5-10years it could make a nice profit.. so as others said dont plan on a flip but you can definitly find something cheap someone else just redid and rent it out for a while... just need the money for a down payment. mortages are getting harder to get now

[Gregory]

I meet a lot of people doing flips at my job, and a lot of them told me that they are still making a lot of money doing it despite the poor housing market. You just have to know a thing or two. I'm not the one that could help you with that although I would like to get involved with that sort of thing some day.
I bought a book on the subject a while back and one of the most common mistakes is over-renivating the house and making the house what you would want it to be. For example if you like big expensive tile in bathrooms and you think a buyer will (even if they would), you will loose money on that sort of thing. From what I picked up, you pretty much want workers grade for everything (bathrooms, kitchens, cabnets, ect).

[Structure240sx]

yea for a first timer it might be a bad time. i work with an older guy that is a builder and is still doing well for himself. he did recently pick up a house or to to gut and redo since his new houses in the mid 200's arent moving well. there is still potential but it takes some money connections and experience, you have to start somewhere tho

[noclutch]

Like others have said, not the time. Its still possible by all means, as long as you have the cash and the know how to get it done quickly at a reasonable cost. This isn't something to just jump into in this market. You'll need money down for the house (figure 20-30%) then a good deal of money for the repairs and upgrades. Not to mention the mortgage every month. Then you may end up not even being able to sell it.

Best bet. Go out and buy yourself a fixer upper that you guys could live in. Take your time with the repairs, get the woman and the kid to help(kidding, kind of). When your finished, years down the road even, either sell it for a profit, or refi and use the extra money to get started on a well planned out flip. You'll have at least some experience then because you've done it once already.