U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-19-2010, 03:57 PM
 
Location: Arizona
3,674 posts, read 6,076,043 times
Reputation: 2294

Advertisements

Who here knows how to flip a house, condo, etc with no money to start? I know there is tons of books on this subject but I would like to get the opinion of someone who isn't trying to make a profit off of there advice.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 04-19-2010, 04:08 PM
 
Location: Salem, OR
14,940 posts, read 36,693,001 times
Reputation: 15368
I strongly encourage you to find a local investment group. They exist in all areas. Investment strategy will vary from area to area and honestly you will get the best advice from local seasoned investors.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 04:33 PM
 
355 posts, read 1,391,422 times
Reputation: 354

YouTube - Gymnastics Moves : How to Do a Front Flip

Or were you asking about back flips?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-21-2010, 02:21 AM
 
Location: Charleston, SC
5,615 posts, read 13,771,484 times
Reputation: 2542
No money? Don't bother.

Declining market? See the above.

Otherwise if you have cash for improvements and 20% down, buy low-priced, good structure / bad cosmetics, and in a good area. Learn how to DIY and do a professional job at it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-21-2010, 06:36 AM
 
Location: Cary, NC
38,812 posts, read 67,158,379 times
Reputation: 39564
Quote:
Originally Posted by mattywo85 View Post
Who here knows how to flip a house, condo, etc with no money to start? I know there is tons of books on this subject but I would like to get the opinion of someone who isn't trying to make a profit off of there advice.
Free advice, with no profit motive:

As Silverfall said, join a REI group in your area.
Go to meetings and listen, eavesdrop, and even ask questions without pestering too bad.

Save money. A lot of it.
While saving money, study construction methods and details.
Volunteer for Habitat for Humanity.
Work on community projects.
Build something.

When you are adequately capitalized and have some experience in construction, study the current market for a while, and being very selective, buy good bones and location.

Rehab with an eye toward bringing real value to the property, not flash and eye candy. Real value will help you build a reputation.

Get a good reputation as an ethical operator, and projects will find you.

Flipping is not for the faint of heart, or casual, or undercapitalized operator.

Good luck.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-21-2010, 09:06 AM
 
Location: Salem, OR
14,940 posts, read 36,693,001 times
Reputation: 15368
Volunteering for Habitat for Humanity is an excellent idea. That is a great way to learn how to construct things.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-21-2010, 09:54 AM
 
930 posts, read 2,287,138 times
Reputation: 1000
Were it that easy, everyone would be doing it. Or does that not seem obvious?

Please do not rule out 1) education 2) career 3) actual contribution to society.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-21-2010, 10:01 AM
 
Location: Pomona
1,955 posts, read 10,303,139 times
Reputation: 1554
Quote:
Originally Posted by Beena View Post
Were it that easy, everyone would be doing it. Or does that not seem obvious?
But that 30 minute infomercial at 2am in the morning said it was sooo easy!! And that guy hocking it said he made millions himself and is so nice he wanted to share his knowledge too!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-21-2010, 10:37 AM
 
2,652 posts, read 8,144,285 times
Reputation: 1904
As Silverfall said, join your local REI group. They are a wealth of knowledge. Find the true players in the market.

I dable in real estate, and while I disagree with scuba steve on the needing 20% down thing, it does take money. What you want to start out in is a technique called wholesaling. Go to reiplace.com and reiclub.com, research, ask questions, and learn. Once you have the knowledge, take action. Nothing is done by sitting on the couch. Get busy, do something, make goals, etc.

Setting goals and creating a plan are essential. Without knowing where you're going, any path will get you there.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top