I'm a young firefighter. I want to flip houses.....

By
Real Estate Agent with Smart Green Realty

I got this query today from Luis. I appreciate and admire firefighters so much. I want to help. But.....Yikes! What a mine field!

Here is my reply:

 Start Modest. Buy a cheap starter house, using 1st time buyer incentives + 203k. The old saw is true: You make money on the "buy" side. Buy small and cheap. To avoid taxes + get the best interest rate: Move in. Trust me. The lender will check to make sure that you are living there.  Pick a place that is a little run down but not a real wreck. The important/expensive work you need to do on a house— roof, electric, plumbing, HVAC--does not show. Get them up to snuff. The trick is having money left after that work to make the place attractive and sparkling. Nice floors, nice kitchen + nice baths sell houses. But if you neglect the important stuff that does not show, a home inspector will nail you. Buyers watch all those home shows too. Even in the toughest neighborhoods, people want quality.   Don’t be “greedy.” DON’T BELIEVE PROPERTY BROTHERS!!!!! TV is a lie. If you sell and make $10,000 or $20,000 in profit, pat yourself on the back. YOU DID GOOD!

 

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Topic:
Real Estate Best Practices
Tags:
investing
flipping
fixer upper
first time investor
buy lowsell high

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Rainmaker
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Tammy Adams ~ Realtor / Podcaster
Maricopa Real Estate Co - Maricopa, AZ
A Maricopa Agent who Works, Lives & Loves Maricopa

Great point. The TV shows can be misleading as folks don't realize these pros have teams that help at discounts. Plus selling fees and carrying cost can eat up any profit

Mar 16, 2015 04:50 AM #1
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Rainmaker
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