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OK. We're ready to start flipping properties.....

By Ralph Gorgoglione

Real Estate Broker/Owner with Metro Life Homes RS-78439 / BRE #01708344

June 27, 2010 08:06 AM

My partner and I have been prepping ourselves for the last few years to starting flipping properties.

It's been one of my goals for quite a few years.

We have the know how, we have the contractors, we have set up our finances, and we have a sense of architecture and style that we have gotten great feedback on.

I've very excited about it and it seems that this business goal of mine is starting to become a reality.

I love rehabilitating properties and I love landscaping so not only will this be the beginning of a new business venture, but it will have a definite therapeutic element for me.

I already have one candidate in mind, and we're running numbers and analyzing the condition of the home.

We're mostly targeting bank-owned, vacant properties for now so that there are no logistical obstacles that would prohibit work to begin the day after closing escrow.

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Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

Good luck with your new venture. My husband and I did that for a few years back in 2002-2003...very successful. Not quite ready to jump back in. :/

Jun 27, 2010 08:08 AM

Ralph Gorgoglione

Metro Life Homes - Palm Springs, CA

California and Hawaii Real Estate (310) 497-9407

Karen,

2002 and 2003 was a great time to flip.

I may have to hit you up some time with questions.

Jun 27, 2010 08:10 AM

Sharon Tara

Sharon Tara Transformations - Portsmouth, NH

Retired New Hampshire Home Stager

I'm so jealous! Sounds like an awesome adventure! I wish you the best of luck and hope you get to start real soon.

Jun 27, 2010 08:12 AM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Ralph - best of luck. I hope the current market favors your endeavors. We'll be interested to hear more about your projects.

Jeff

Jun 27, 2010 08:13 AM

COMPASS PALM SPRINGS | Stewart Penn

COMPASS - Palm Springs, CA

COMPASS Palm Springs - Broker Associate

My only advice is to watch those holding costs .....!

That can make or break a project!

Jun 27, 2010 08:27 AM

Brian Madigan

RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON

LL.B., Broker

Ralph,

It sounds interesting but the price tag is quite steep in Toronto. Even the properties that are dumps are expensive.

Brian

Jun 27, 2010 09:54 AM

Andrew Herren

Craig Massee Real Estate - Milledgeville, GA

It's addictive! I did two last year and it's way more fun than just selling real estate.

Jun 27, 2010 10:33 AM

Pamela Seley

West Coast Realty Division - Murrieta, CA

Residential Real Estate Agent serving SW RivCo CA

Ralph, good luck on your project. Sounds like it will be lots of fun!

Jun 27, 2010 06:04 PM

Carra Riley & Declan Kenyon

Brokers Guild Cherry Creek Ltd - Westminster, CO

Helping people Transition at all ages!

Ralph....My husband and I have done a number of fix and flip projects in the past, but nothing recently. I can tell you from my experience timing is everything. Good luck with your new venture.

cosmic cow

Jun 28, 2010 03:57 AM

Robert L. Brown

www.mrbrownsellsgr.com - Grand Rapids, MI

Grand Rapids Real Estate Bellabay Realty, West Mic

Have fun. Loike the gentleman said before "watch those holding costs".

Jul 01, 2010 10:07 AM

Harry Logan

RE/MAX executives realty - Winnipeg, MB

Your Satisfaction is Guaranteed!

Good Luck on your new venture Ralph!

I'd like to second the advice you received from Stewart and Robert. I am sure you know this already but I will give you my two cents as well just in case this is new info to you or perhaps another reader. Holding costs can take what could be a profitable deal and turn it into a break even or money losing proposition quickly.

I'd like to offer you a bit of advice if you don't mind on how to minimize your holding costs. So what's the advice... Do your homework in advance.

Here's an example of what I mean. Let's say you are planning on redoing the kitchen cupboards in your flip. Instead of waiting till you own the property to start figuring out what kitchen you are going to put in and THEN getting the cupboards ordered, measure the kitchen while you are still looking at it and once you have a confirmed deal then order the cabinets before possession date and have them delivered shortly after possession date. If you do this for all the elements of the house that you are planning on fixing, or replacing you can save weeks of time and get the job done quicker and the property sold and the money in your jeans that much quicker! Works terrific for bathrooms, kitchens, windows, siding, roof etc. etc.

Hope you make a Million and then some!

All the Best ! Harry

Jul 01, 2010 04:38 PM

Harry,

We're pretty saavy when it comes to flipping.

We've worked with flippers as our clients before.

But I really do appreciate your advice.

It is well taken and you've got some really good points to consider here.

Jul 04, 2010 07:47 AM

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Ralph Gorgoglione

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