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Any one here into rehabbing/flipping properties, building homes or invest in properties? If so, how did you get started?

I'm from NYC and I love carpentry, although I have no physical experience. I have a passion for fixing properties. I will be moving to the suburbs in 2 years and this is the field I'm looking to pursue and master. If you've done this line of work before, how did you get started? I ask b/c as a woman, many won't give us the opportunity to venture into this field. I don't mind getting my hands dirty, or carrying my own weight. Actually, anything I do with my hands, turns into a masterpiece.

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Anonymous

Asked by Anonymous at 9:02 PM on Mar. 15, 2009 in Money & Work

Answers (6)
  • Bah I dont by the "I am a woman so its harder for me" buck up and just go for it! It might take a bit of inguinuity and persistance but it can be done. Flipping in todays housing market is a HUGE risk however and I would not venture into it without MUCH research and education into the neighborhood/community you intend to flip. Also be warned many lending institutions have restrictions on who and how you can flip, I would imagine those have become much stricter right now. Unless you can purchase cash. I personally would take this time to research all aspects, find those in your community who are willing to mentor or at least give you advice and WATCH the housing situation like a hawk. There will come a time when we rise out of this depressed housing market and I think that real estate will be the first thing to make a break out and it will be huge. With prices the way that they are now only one way to go now and that is up
    wyldreams

    Answer by wyldreams at 9:26 PM on Mar. 15, 2009

  • I know a guy who knows a guy type of thing, but everyone I have talked t about it says it is true, but I would do your own research too because I dont know itf it is different in your state. But I was told that you can go down to the court house and there is a list of properties that are behind ontheir taxes, most of them are not lived in, like rent houses or abandoned homes they aren't at anymore. If you pay their taxes for them, you have a lean on the house and they have a certain amount of time to go and pay you back, plus interest, or you can file for the deed on the house. Fix it up, sell it, live in it, whatever.
    AK_aries

    Answer by AK_aries at 9:26 PM on Mar. 15, 2009

  • Dave Ramsey may have info on his site--he used to do such things. HOWEVER, he cautions in one of his DVDs NOT to do it unless you have a lot of experience in buying such properties because you could lose A LOT. And he also suggests you DO NOT BORROW to do it--that you fund your own buying and fixing up so you don't get bankrupt if it fails........
    There is a lot more to doing it than meets the eye;-) Read some books on it and try to talk to those in the field.
    Anonymous

    Answer by Anonymous at 12:22 AM on Mar. 16, 2009

  • You can also run into a tax nightmare if you are not fully versed in the laws--and under Obamanation, you can be looking at some HUGE capital gains taxes........
    Anonymous

    Answer by Anonymous at 12:23 AM on Mar. 16, 2009

  • IMO rentals are the best flips to do.. This way you can flip one half, live in the other, flip the half while the other is being rented, so morage isn't as big of an issue.. this way you can collect rent on many rentals as well.. to help support larger projects down the road. Good luck.
    xxhazeldovexx

    Answer by xxhazeldovexx at 1:51 AM on Mar. 16, 2009

  • We bought a foreclosed home to flip and we're loving it so far! We bought the house for 1/3rd of the tax value and we live in a military town, so we know that we can always flip it if need be.
    BAMF_MommyX2

    Answer by BAMF_MommyX2 at 12:57 AM on May. 29, 2009

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