House flipping is the art and science of buying distressed real estate, renovating it and reselling for a profit. If you want to learn how to flip houses I will show you here how we have done it.
My wife and I have chosen this type of real estate investing as an integral part of our wealth building plan. This strategy allows us to create an additional stream of income that we are using to build our wealth.
We like house flipping for a lot of reasons. First off, it’s something that we have created as a side business. Being a single income family this is a business we can do from home.
Second, it produces cash now vs. the cash later approach of rental real estate. We intend to use this cash to reinvest into real estate and boost our other savings and investments.
Third, it’s completely awesome to take a crappy property and turn it
into something beautiful that makes us proud.
Finally, it provides a “safety net”. It’s not only a business but a back
up source of income for our family in case our primary income “goes away”, like it
has happened before.
However, unlike what you see in the house flipping TV shows or real estate investing infomercials, we have discovered that the real thing is neither quick or easy but rest assured that it is very doable by regular people like you and me.
Let me show you real houses, real deals that we have flipped so that you can learn the good, the bad and the ugly on how to flip houses:
Property Investment Update: House #2 and #3 - Update on the status of flipping House #2 and House #3...
You might be wondering how we can flip houses if the real estate market is so bad...
The reality is that there is always opportunity in real estate…you just got to find it. We are basically buying “projects”. 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?
Then we do extraordinary renovations to these houses. That’s where you have to look at all the different examples above so you see what I am talking about when I say renovations. These are not “paint and carpet” jobs…
When I am done with these houses they look better than any other house around them, they are move-in ready and still priced competitively.
In the links above I will go into the specific details about my house flipping deals and share with you what works and what doesn’t and what I learn from it. Hopefully you can use some of this investing advice in your own investing journey.
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HVAC Inspection question
How / can a furnace be inspected / tested when the gas to the residence is shut off?
Tax Considerations when Flipping Houses
Your blog is very thorough for one to understand the finances of flipping; however, what about uncle Sam's cut? You have not discussed the tax implications …
Flipping a house for the first time
Hi Luis, I came back to check if anything else is going on at your end with new project. I would very much like to have your advise in flipping a house …
Flip that house question
How did you finance this one? LM Says: Joe this was financed with a line of credit that I use for my real estate business. For future purchases I …
How much money do i need to start flipping ! Not rated yet
how much money do i need in my bank account to get started flipping ? LM says: Allen, without you providing more details it's just not possible …
Marketing and finding properties to flip? Not rated yet
I'm interested to hear how you best utilize your time with your marketing and what avenues you use to find your properties to flip as far as marketing …
Finding distressed properties Not rated yet
What tools do you use for finding distressed properties? LUIS COMMENTS... More than tools it's about resources and many times people. …
Getting Started with Flipping Houses Not rated yet
Hi my name is Austin and I'm 19 years old and would love to do house flipping for a living my dad and I did one house a few years ago. we learned a lot …
How to Find a General Contractor When Starting Real Estate Investing Not rated yet
Luis, where does one find a GC that is willing to do work wholesale. Like you I have a job that keeps me busy and a GC is the way to go. How do you price …
Determining the after repair value for real estate investing Not rated yet
Hey, great blog. How are you coming up with your ARV values? What's your process? LM says: Eduardo, thanks for the positive comments. Coming …
House Flipping Not rated yet
I am going to start flipping my first house soon. I have a full time job and hopefully with your advice I can profit and eventually leave my full-time …