My Current Project: Flip That House  

My current project is to flip this house and expand my real estate investing business. Since the economy has forced me to rethink my career direction and what I need to do to build my wealth. I believe I can flip that house even in the current real estate market we are in.

Why do I think I can flip that house?

• I have already done it. Even though a lot of people told me it couldn’t be done, I did. So on top of that being a confidence booster I learned a thing or two I can apply this time around. Although every investment is different the underlying skills needed to flip this house like budgeting, scheduling, project management and negotiating, remain the same.
• People are still buying homes. Fueled by low interest rates and the best buyers market in the last decade, people know it is a great time to buy real estate.
• Although there are some bargains out there many of them are “projects”. Just like this one, there are houses out there that can be bought at 40-60% under market value but need $15-20,000+ worth of work. People looking for a place to live don’t buy these – who wants to buy a project? So even though there will be lower priced properties in the market because of their condition many people will not consider them.
• Everybody likes a nice house. When I am done with this house it will look better than anything else around it, it will be move-in ready and it will be priced lower, which leads to my next point.
• If I buy it right and fix it right I can (have to) price it lower. So now I will be offering the nicest house in the neighborhood at 10% under market value. I expect this to be a strong marketing strategy.

House #2: Flip The House Pictures
The "before" pictures.

House #2 Update: Final Pictures
The "after" pictures.

House #3: Flipping Homes Continues
The next project gets under way...

House #2 Break-In! - How to deal with a break-in at your foreclosure property investment...

House #2: Creating a Budget and Schedule of Work for House Flipping...

House #3: Final Pictures and Staging - How to flip a house in this market? I am giving full staging a try...

Property Investment Update: House #2 and #3 - Just wanted to give you an update on the status of house #3 and house #4...

House #3: Under Contract! - marketing and negotiating...

House #3: Final Analysis- profits and lessons learned...

House Flip #2: FHA loans and Inspections

House #4: New Rehab Real Estate Project

House #4: Fix and Flip “Before” Pictures

House #4: Final Home Flipping Pictures and Video!

Flip That House #5: Making Money With Bank Owned Real Estate

House Flipping #5: The Final Pictures, Video and Cost of Rehab

Flipping Home #6: My Skinniest Deal Yet?

Selling Investment Property - The Final Analysis on House #5

Final Pictures of House #6: Real Estate Investing With Foreclosures

House #4: Update and Tips on Selling a House

Flipping Real Estate – What it Takes To Sell House #6

House #6 Update: Flipping properties and incompetent lenders, buyers and agents...

House #6: Flipping Property Foreclosures and Dealing With Appraisers

House #7: How to Find Foreclosures, For Investing, In Your Spare Time

House #7: Buying a Bank Foreclosure – The “Before” Pictures on House #7

House #7: Buying a Home After Foreclosure: The Budget for House #7

How to Sell a House: The Final Pictures on House #7

Make Money Real Estate: The Final Analysis on House #7

House #8: Bigger and Better

Fix and Flip House #8: How I Figure out My Profit

Rehabbing House #8: The Budget

House #8: Fix and Flip “Before” Pictures

My house flipping plans consist of purchasing up to three properties at the same time that can be bought in the $35-50,000 range and that once renovations are complete can be sold in the $100-130,000 range. What is more important right now it’s not just the price that I can buy them for but the comparable sales in the neighborhoods where I find these properties, this is an important piece of investing advice for flipping houses.

Comparable sales are crucial first because they are how I start to determine what the market value of the property is therefore allowing me to see if I am buying at a good price or not. More importantly they are what an appraiser will use to appraise the house I am trying to sell once I find a buyer.

Right now we are in a very conflicting appraisal market where appraisers are under pressure to use foreclosures and distressed sales as comparable sales. This is scary stuff!! This is why I pulled out of two other properties I had under contract. All the recent sales I found nearby those properties were foreclosures, therefore I did not want to risk it.

In the links above I will go into the specific details as I try to flip that house and share what works and what doesn’t and what I learn from it. At the same time I will discover and show you the viability of creating both a house flipping business and a full time real estate investing business. Hopefully you can use some of this investing advice in your own investing journey.

Please check back soon for more flip a house updates or subscribe to my blog and RSS feed so you get the updates when they are posted. You can also receive new content through email.

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