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The very best (only?) way to make a lot of money flipping houses is to flip the one you live in for two out of the last five years. Repeat as necessary.
No not the only way. We lived in the first three we flipped. It was the only affordable way to flip a house in the beginning for us. There is a risk of the market changing in two years, but you have to live somewhere anyhow.
The very best (only?) way to make a lot of money flipping houses is to flip the one you live in for two out of the last five years. Repeat as necessary.
This will change effective January 1, 2018 to a lot more years required to be owned by the seller.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
Reputation: 16698
Quote:
Originally Posted by henriInCary
Congrats to the OP for getting started. I think you have the right attitude and you seem to be willing to learn along the way. Don't get discouraged by those who say you can't do it. Instead find ways to make it work. It is not going to be easy, but if you can learn along the way and get better every time, then you will succeed. If you need another real estate investor community to bounce ideas off, you can join biggerpockets dot com (google it). It is an amazing community of real estate enthusiasts with tons of resources. And most of it is free. Good luck.
People aren't saying the op can't do it.
They are saying he can't do it based on his thoughts and beliefs presently.
This is coming from people who have real estate experience. Are you saying because they are not cheering him on that they are incorrect?
Our of curiosity how many houses have you flipped?
Congrats to the OP for getting started. I think you have the right attitude and you seem to be willing to learn along the way. Don't get discouraged by those who say you can't do it. Instead find ways to make it work. It is not going to be easy, but if you can learn along the way and get better every time, then you will succeed. If you need another real estate investor community to bounce ideas off, you can join biggerpockets dot com (google it). It is an amazing community of real estate enthusiasts with tons of resources. And most of it is free. Good luck.
Nobody said he can’t do it. We’re saying don’t be stupid. It’s easy to write in a few encouraging words like you did. Yay. A go get them don’t let the naysayers get you down buddy you’ll make it you’ll be successful, doesn’t change the fact that op having a rental property and a relative who works for a contractor doesn’t give him knowledge needed do a flip. Yeah one bad buy can ruin him his wife and all the people he borrowed money from. When someone sTate’s in their post “I have no problem making a 20,000 dollar mistake” that speaks volumes about the naïveté of that speaker. Get a few investors together and say that sentence. Watch them all walk out. Maybe you’ll be different. Why don’t you contact OP and see how you two can get together and invest in his flips.
Nobody said he can’t do it. We’re saying don’t be stupid. It’s easy to write in a few encouraging words like you did. Yay. A go get them don’t let the naysayers get you down buddy you’ll make it you’ll be successful, doesn’t change the fact that op having a rental property and a relative who works for a contractor doesn’t give him knowledge needed do a flip. Yeah one bad buy can ruin him his wife and all the people he borrowed money from. When someone sTate’s in their post “I have no problem making a 20,000 dollar mistake” that speaks volumes about the naïveté of that speaker. Get a few investors together and say that sentence. Watch them all walk out. Maybe you’ll be different. Why don’t you contact OP and see how you two can get together and invest in his flips.
The OP's problem is that he is an electrical engineer, where there is a right way and a wrong way to do most everything. He sees unsuccessfully flipping a house as doing 'it' the wrong way, so all he has to do is do the opposite to successfully flip the next house. The idea that there are hundreds of ways to do it wrong doesn't enter his mind.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
Reputation: 16698
I've heard of singles who make decent money renting out a room or two, maybe even a couple renting out a room. But a married couple renting out all three extra rooms seems just seems a bit extreme, and I'm from the San Francisco Bay Area where housing is very expensive.
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