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Posts Tagged ‘flip that house’

Flip that House TLC TV show

Sunday, July 27th, 2008

On my local cable TV network I saw that flip that house was on channel TLC from 2:30 to 7pm tonight. That’s 9 shows in a row. I think it started before 2:30, that’s just when I tuned in. This show often will show first time flippers who purchase their first house. They come up with a budget and often go over on money and deadlines. You will see many personal arguments on this show among partners. Their are husband/wife partners and business partners often as two people. These partners quickly get over their heads, and are in for far more work than they anticipated. The show will show step by step as they put each part of the house together and as they make the tough decisions along the way. What I do like about this show is it shows a lot of different personalities, skill levels, and different parts of the country. I find that I learn about the business from different angles as everyone has a different approach and the approach changes with different prices points, hot and cold markets, experience levels and what part of the country it’s in. I think some people put too much into the property, some people take too long to get the property repaired. I do think most people on the show think they have the business figured out, but it takes years to get very efficient at the process. Just because someone knows how to install cabinets, floors, roofs, siding, etc. doesn’t mean they understand the full scope of the entire business. Timelines, holding costs, closing costs, bank financing, showings are all a very big part of the business. Just knowing how to repair the house is just a small part of the business. You can easily lack in many areas and not be well balanced and just plain lose money.

For any of those looking to get into the rehab business, you should check out some other postings on this blog that talk about various rehab tv shows, and dvd collections that you can buy of these tv shows so that you can watch them on your own time. There is so much available out there to learn from with this particular topic, and most of all unlimited ways to make mistakes. Stay tuned to this blog for reviews on similar shows and channels that show this DIY type stuff 24 hours per day sometimes.

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Flip This House: Rehabbing in Real Estate for Beginners

Monday, May 12th, 2008

How to Flip: Rehabbing in Real Estate for Beginners

When first starting out with investing in houses, you should always look for houses in bad shape or future potential. homes is bad shape are much cheaper to purchase, although they will take some work to improve. You should start out by looking for houses that need minor cosmetic work, such as clean up, painting, and in some cases new carpet. You don’t want to buy something too run down, as it could cost a fortune to repair, and it’s not worth the time.

If you think of yourself as a handyman,handyperson, and feel that you can do the repairs yourself, you can save a lot of money, but it’s not the best use of your time. On the other hand, if you do decide you need to hire someone, you should always make sure to check references on the company that you hire to make sure they are honest and qualified to do the repairs. If you aren’t going to do any of the repairs, you should inquire about a subcontractor or contractor company that’s insured.

If the house you want to purchase and resell has any type of structural problems, you should always get an estimate from a
reliable contractor before you make the purchase ahead of time. Over the years you’ll have contractors you can trust. Once you get all of the estimates together, you can make that final decision on your offer for the property.

After you have a great team put together and have successfully renovated and resold several homes, you’ll feel quite a bit more confident with buying homes that need repairs, even major repairs. It takes a lot of practice. soon you’ll be buying homes that the average investor wouldn’t think twice about. This can be to your advantage when you are looking for homes to buy and resell, because there will be less competition. You’ll probably can get a lower price when buying the home, simply because you can use the cost and the scope of the repairs to your advantage.

Once you’re able to do repairs on homes, including structural problems, you’ll have a huge advantage in the market against competition. You’ll be able to buy almost any home, including those that other investors ignore. Doing so can be very profitable if the house is in a well known and well desired neighborhood. After you have done the repairs, you should be able to resell the home for a much higher price than you originally paid to acquire the home.

When you start looking for houses that you can repair and resell, you should always take your time and buy the right homes at the right prices. You may not have the money, time, experience, or support to buy the bigger houses in the beginning. This means you won’t have any room for mistakes. Once you have purchased and resold a few smaller fix up homes, you’ll eventually be able to work your way up to the larger homes that are bigger projects.

Please keep in mind that when you first start out, you’ll need to take things slow. You can’t expect profits to come to you overnight. The business just takes some time to learn. Once you have been at it a few years and have several houses to your name, you’ll be ready to tackle bigger projects.

If you have questions about real estate at anytime please email me ron@minnesotainvestors.com

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Posts Tagged ‘flip that house’

Flip that House TLC TV show

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Flip This House: Rehabbing in Real Estate for Beginners