House Flipping 101, yes even YOU can do it!
House flipping, or Flipping a property involves finding a fixer-upper, purchasing it and then reselling it to another investor. Most likely, the new owner will improve the property and remodel the home, making a profit when he sells the updated house.
In this article, i'll give you some tips on how YOU can get started, and I'll recomend some GREAT reading material and software to further your knowledge on this real-estate phenomenon.
Think flipping houses is not for you, or you couldn't possibly pull it off? Well think again, you CAN and i'll help point you in the right direction! I'm not going to tell you EVERYTHING, that would take much more than this page will allow me. But I promise, stick with this and it'll point you in the right direction!
What is House Flipping?
House flipping is buying a "fixer upper" home and selling it quickly after renovating it. "Flipping" refers to a fast sell of a home, as it is crucial in making a good profit. Television shows such as Flip This House and Property Ladder have helped increase the popularity of house flipping.
"Flippers" must make a good investment when buying the home. The best homes to flip are those that do not present well to potential buyers because of cosmetic problems such as bad carpeting, old paint, and poorly kept yards. These problems can easily be repaired and updated to increase the value of the home without adding major expenses. Homes needing new wiring, plumbing, and structural repairs, however, can quickly eat up much of the flipper's expected profit. Experienced flippers are better able to estimate the profit versus expenses calculation of a home needing major work than those new to house flipping.
The neighborhood and not just the house must be considered when choosing the right house to flip. Would people actually want to live in this neighborhood, on this street? Would the flippers themselves live here? House flipping can increase the value of a neighborhood since flippers fix up yards and home exteriors as well as the interiors of houses.
The profit to be made from house flipping varies greatly as it depends not only on the residential area and purchase price of the home, but the expenses of the flippers and how close they stay to budget and time restraints. The longer the house sits without being sold, the less profit the flipper makes if a monthly house payment has to be made. The extra house payments come straight out of the profits. Profits from house flipping could range anywhere from $30,000 to $100,000 on a successful flip, or even more.
Unexpected delays in house flipping such as contractors not showing up, finding out extra repairs are needed, and/or having ordered materials not being available when needed, are all expensive. The more work flippers can do themselves the better, which is why homes with easy to repair cosmetic problems are the best ones for house flipping. A professional should inspect the home first so the flipper knows exactly what repairs are needed to accurately estimate both cost and profit.
ARMANDO MONTELONGO'S FLIP AND GROW RICH TIPS

10.) Know the difference between instincts and fear. Instinct is that voice telling you to "go for it". Instinct can make you rich. Fear is that voice telling you not to listen to your instinct. Follow people who can teach you how to crush the 'fear voice' and listen to your 'instinct voice'.
9.) Never take financial advice from someone who doesn't make twice as much money as you.
8.) Get a mentor.
7.) Have a deal you can't do. Contact me:
6.) It doesn't take money or credit to flip - It takes knowledge.
5.) Don't be afraid to flip in a cold or flat market. Markets don't dictate profits, deals dictate profits. If you know how to get good deals, you can flip in any market!
4.) Anyone can Flip and Grow Rich if you know your 'why'. When I was on foods stamps and living in a garage, I learned to flip to give my family a better life. What is your reason "why" you need to learn to flip.
3.) Learn to do deals from home. I find and fund deals from my computer all the time.
2.) Get past the B.S. belief that it takes money to make money. When I started I had zero dollars in my pocket and was $50,000 in debt. Who said it takes <i>your</i> money anyway?
1.) Get Educated! It's cheaper than the school of hard knocks.
Great Stuff on Amazon
Great youtube video on a VERY successful (and quick) house flip.
Enjoy :)
San Antonio House Flip
This one was fun. We got it off CraigsList from the original owner who was 95 years old and still drives. Crazy thing was it had this BRAND NEW GREEN ROOF so we broke the rehabbers cardinal rule, (never paint a house green) but it all worked out. Sold in 2 days with multiple Full Price Offers. This house was "green" in more than one way : ) We Buy San Antonio Houses
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curated content from YouTube
Kitchens and Bathrooms.
As we all know, the kitchen is like a hub of our house, we spend much of our time in there, preparing meals, entertaining, and of course cleaning. You want to ensure there are plenty of cupboards, as well as counter space. Make it look new, bright, and spacious. If your budget allows room for those extras, this is where you'll want to use them.Two of the most important areas that can make or break the sale of a house are the kitchen and the baths. These can also be areas where fixture replacement can be expensive. However, just because fixtures look bad, doesn't mean they must be replaced. Sometimes good solid cleaning strategies and a bit of elbow grease can make a fixture look renewed.
Baking soda and bleach are two components of the house flipper's essentials kit. Baking soda is a low abrasive cleanser that can be rubbed into surfaces with a wet sponge and used like popular name brand cleansers. It works very well on stainless steel sinks, as well as on porcelain. It has the added benefit of being a deodorizer, so when you rinse it down tub and sink drains, it can eliminate drain odors, especially if a property has been sitting unused. It is also biodegradable. Bleach is an old stand by for getting out stains and sanitizing. Pour some in that ugly toilet bowl and let it sit for a few hours, then use a toilet brush to clean the bowl. You may have to do this more than once. Remember that bleach will remove color from things it comes into contact with, so be careful not to spill or drip it on non-colorfast surfaces. Both these cleaners can help to remove stains and grime from laminate and cultured marble counter and sink tops. Test laminate for color fastness in a hidden area, before using bleach.
I found a great product for removing cigarette burn marks and some other stains from cultured marble sink tops. It comes in a kit along with excellent instructions and two freebies-instructions for removing surface scratches on porcelain and a handy little book that gives "recipes"
and instructions for inexpensive cleaning products. This product is called the Burn Buster Kit and the URL is in the Additional Resources. Well worth the investment.
For old style cast iron tubs with porcelain finishes, cleaning may not be enough. Sometimes you will find chinks in the porcelain or the porcelain may be worn and the black of the cast iron is showing through the finish. You have two potential options here. For simple chinks or nicks, use Nick Fix Porcelain-Enamel-Acrylic Touch-up. It can be purchased at Home Depot Supply or from Surface Repair. You will find it in and around the plumbing or the bathtub and sink caulk. It comes in a small bottle with a little brush and you apply it like paint. Another product that I strongly recommend to save those cast iron tubs with the gray showing through the bottom is SureStep Non-Slip Coating. I have used it many times and when used properly, it creates a very nice finish that eliminates the need to replace the tub, which is not only expensive, but time consuming. Buy it direct from the source at the URL in Additional Resources. Nice friendly folk who will let you buy one can or a case. Be sure to read the directions and feel free to tell them you read about it here.
After you have cleaned your tubs and sinks, before you do any finish repair or installation of new fixtures, strip out any old caulk that is discolored or stained and replace. They make a tool for this, but I have found a utility knife and a straight edge razor blade in a holder does a better job. Do not use painter's caulk for wet areas, it will mildew. I recommend GE Silicone II, a Home Depot item. To give your caulk a professional looking finish, squeeze the caulk along the seam, then use the Homax caulk finishing tool to remove excess caulk (available at Home Depot for about a dollar). Wipe excess caulk from finishing tool frequently with facial or toilet tissue. Finish by gently wiping the caulk with a smooth damp rag.
If you plan to keep flipping, invest in a hand held steam cleaner. It gets into corners, cleans tile and grout, toilets, sinks, refrigerators, stoves, just about anything that won't melt. Steam is also a super disinfectant. Because the steam loosens dirt, it may be as easy as wiping to clean.
Now that your fixtures and counter tops are all clean and looking good, just add some updated faucets, spouts and handles-and of course a new toilet seat-voila, looking good.
Of course, then you want to take care of the Kitchen Cabinents, any funky odors, and of course Cracks and Gaps in wall corners and where molding is not fitting tight.
One final thought, check out this great book. You'd be surprised how many quality items you can get at Ikea for your kitchen. I've saved THOUSANDS on Kitchen Builds with this knowledge and I always recomend it.
What about buying foreclosure properties?
The foreclosure market is at a 30 year high. This offers investors a once in a lifetime opportunity! YES! You are in the right place at the right time.
There is simply too much to cover on foreclosures. While i'm certainly no expert, I know good stuff when I read it:
Recommended Reading Material on Finding/Buying Foreclosure properties
How to Buy Foreclosures, Updated Edition

List Bank Property & More

Foreclosure Short Sales

UNDER CONSTRUCTION

by JLenney
Jeff is a Jack of All trades. Check out his Online Media Recording Website here: http://record-online-media.com
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