A friend of mine decided to get involved in flipping. she had never done this and asked for my advice from time to time, through the whole process. She began with enlisting a boy friend who would end up doing most of the labor, as he had nothing to invest. They went to the county action and won a bid on one of the houses they had viewed earlier. I had counseled them about making the minor updates needed and mainly getting the house back into original shape, keeping the investment price down. But they decided to do a few more updates,  Putting the price that they had to get in order to make a profit, out of reach. Granted the house looks nice and has great new feachers. The owner has decided that the next house will be bought through a forclosure, in hopes of getting a better price than a auction. Also she will have a written plan and agreement with futer partners.
 

2 Comments on House Flipping

NOV
17
2006
1,047,834 Points 396 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Rob I think this is the biggest problem new flippers have is over doing it. They get caught up in making it look as nice as they can and forget it is an investment.
8:24am • #1
NOV
18
2006
297,808 Points 110 Featured Posts Outside Blog

Good advice.  We don't need to take a 1994 Honda and put a custom-made, wood panel dashboard in it to resell it.

My first home was over-improved (by me); I ended up losing on that deal. 
2:48pm • #2


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Rob Wills

Everett, WA

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Gilpin Realty Inc.

Office Phone: (360) 568-2181

Cell Phone: (425) 210-5592

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This is probably the hardest part, Writing about yourself or about a subject to all who read this. So help me out. Is there any one out there who has the same problem? Ok what is the biggest problem you think there is in the Real-Estate Field?


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