Zillow Advice: Success Stories - Brand new how to get started? (flip only) http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ Zillow Advice | Zillow Real Estate My wife and I have been investing ... http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ My wife and I have been investing since 2007 and have flipped a number of properties.&nbsp; Start by joining the local real estate investment group (REIA).&nbsp; Invest in the area you know.&nbsp; You need to know the market you plan to flip in extremely well.&nbsp; Learn how to estimate repairs.&nbsp; Do your due diligence.&nbsp; Start with small homes.&nbsp; Homes for the 1st time home buyer.&nbsp; They are easier to flip.&nbsp; You can invest using your IRA thru a self-directed IRA.&nbsp; It's not for the faint of heart.&nbsp; <br/> Wed, 09 Oct 2013 01:01:00 GMT http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ 2013-10-09T01:01:00Z I agree with the other answers. ... http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ I agree with the other answers. &nbsp;It is much harder than it looks. &nbsp;You can do some initial research by analyzing fix-and-flips in your area. &nbsp;In many markets, you should be able to easily recognize fix-and-flips through listing photos, descriptions, and transaction history. &nbsp;A real estate broker can also help you do that. &nbsp;Focus on the transaction history, make note of dates and purchase price. &nbsp;Permit histories (if permits were obtained) usually contain information about the cost of renovations. &nbsp;Deeds of trust can indicate what type of financing the person used. &nbsp;Public records contain lot of information to trace the history of fix-and-flips and you can determine how successful those projects are by mining through the data. <br/><br/>If you are a handy person and can put your own time and energy into doing the renovation work, that is a bonus, as you will save on labor cost.&nbsp;<br/><br/>If by "flip only," you meant houses that don't require remodeling, it may be possible to find those through distressed sales, though there aren't as many now as there were before. &nbsp;You can look at court house auctions, short sales, estate sales and bank-owned foreclosures. &nbsp;A real estate broker can also help you identify properties like that. &nbsp;In most cases, the saying "Cash is King!" is pure flip scenarios. &nbsp;By paying all-cash, you may be able to arbitrage profits, as real estate is not a totally "efficient" market.<br/><br/>Anyway, feel free to contact me if you have any other questions! &nbsp; Best of luck with your endeavors! &nbsp; Sat, 05 Oct 2013 07:12:00 GMT http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ 2013-10-05T07:12:00Z It really is not as easy ... http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ It really is not as easy as it looks on TV.&nbsp; Those guys have deep pockets to fund themselves.<br/><br/>If you don't have money to start out you have to use a hard money lender or equity in another property.&nbsp; High interest rates on hard money but no credit needed.&nbsp; The trick is knuckle down and get it ready in 30-60 days.&nbsp; You can either sell it or go to a traditional lender and re-fi at a lower rate until you sell it. Fri, 04 Oct 2013 22:01:00 GMT http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ 2013-10-04T22:01:00Z Hey you two, welcome to the ... http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ <p>Hey you two, welcome to the world of Zillow.<br/>I used to live out there in George Town back in the 80's I suppose lots have changed.<br/>You can get lots of information on here but your base is going to be knowing how to value the property you are looking at and what its worth now, how much work it needs and do you profit from resale or do you keep it as income property.<br/><br/>If you're just starting out you'll probably need to flip a few before you can keep one unless you hit a honey hole next to a hospital, or a university.<br/>Those type properties are great for rental because of students and you can make your mortgage and then some as long as they are in walking distance .<br/><br/>You should also take in a few of the shows on HGTV they are a few that relate to flipping. Most make their picks from public auctions and foreclosures. You maybe have to bid on property you can only see from the outside, this is where you will have to learn signs of things that may lead you to believe of what the house may look like on the inside.<br/><br/>The rest is up to you, doing your own work is a plus but only if you can do a good job, otherwise you will have to sub out the labor too.<br/><br/>I would start out with a small house in a good neighborhood that just needs work, the risk will be smaller and you can make money while you are learning the trade of flipping.<br/><br/>I hope you enjoy this site as much as I have, I have learned a lot on here and I enjoy helping people with things.<br/>Sometimes I just get on the site and read what's going on.<br/>I have learned a few things myself in the small time I've been on here.<br/><br/>Good luck and I&nbsp;hope the two of you succeed in your flipping.<br/>-Joseph-</p> Thu, 03 Oct 2013 17:19:00 GMT http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ 2013-10-03T17:19:00Z Flipping houses is harder ... http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ <p>Flipping houses is harder than it looks. Forget no-money down and other late-night TV fantasies. In the real world, flipping requires deep pockets -- and plenty of hard work.&nbsp;<br/><br/>To learn more click <a rel="nofollow" href="http://www.dummies.com/how-to/content/flipping-houses-for-dummies-cheat-sheet.html">here</a></p> Thu, 03 Oct 2013 17:17:00 GMT http://www.zillow.com/advice-thread/Brand-new-how-to-get-started-flip-only/513974/ 2013-10-03T17:17:00Z