Speaking of Honey Do’s......

Founder

Founder Since 1999
Messages
11,447
Any of you messed with flipping houses? I’m thinking that might be enjoyable. I can do pretty much anything that needs to be done in fixing a house up and I’ve thought about giving it a go.
 
There’s so much more than just fixing up and making a profit. Please talk to a CPA, there are and will be tax consequences.
 
Indeed but it will be treated as active income so depending on where you live that should be the number 1 concern.
 
I would definitely expect it’s going to take some education. Seems like something that could be interesting.
 
If I Was Making so much Money I Couldn't Spend it all off of Wyoming Bucks & Their GPS Coordinates I Wouldn't Be F'N Around With Houses!:D

Have You Ever Thought About Starting The Same Type Of Business here in TARDville?

There's Many a TARDS that will Pay Big Bucks for a Big Bucks Location!

Just Wondering if You've ever Considered it?

There's always Nevada!

Idaho!

New Mexico!

You Could Be Making New Friends Everywhere!:D
 
If I Was Making so much Money I Couldn't Spend it all off of Wyoming Bucks & Their GPS Coordinates I Wouldn't Be F'N Around With Houses!:D

Have You Ever Thought About Starting The Same Type Of Business here in TARDville?

There's Many a TARDS that will Pay Big Bucks for a Big Bucks Location!

Just Wondering if You've ever Considered it?

There's always Nevada!

Idaho!

New Mexico!

You Could Be Making New Friends Everywhere!:D
Made millions on scouting, and now want just a hobby job like house flipping. Something to spend time on.
 
Come On!

Tell us How You Really Feel?:D

Making Money in the Back Country Damn Sure Beats Messin around with Houses!

I Do Know Several People Out Here that Build a New House!

Then a few years Later they Sell it!

And then Build another House!

And Keep repeating the Process!

But If they are Financing them I Don't See How You could Make much money on them considering the Interest rates?

But Hell I Don't know?





Made millions on scouting, and now want just a hobby job like house flipping. Something to spend time on.
 
But Seriously Founder?

Wondering if You've ever considered the same type of deal here in Utah?

Seems like 'FINDERS FEE'S' are common here in Utah & even though alot of us don't Agree with it,I see very little being done about it?
 
One More Thing?

With the Shortage Of Housing on the Wasatch?

I Can See How You'd easily be able to Flip the Houses!

And Probably for Damn Good Money!

But Can You BUY Them Reasonably?
 
Come On!

Tell us How You Really Feel?:D

Making Money in the Back Country Damn Sure Beats Messin around with Houses!

I Do Know Several People Out Here that Build a New House!

Then a few years Later they Sell it!

And then Build another House!

And Keep repeating the Process!

But If they are Financing them I Don't See How You could Make much money on them considering the Interest rates?

But Hell I Don't know?
There’s only so much time for scouting anyway.....about 2 months. I’m pretty confident I’ll still be doing some of that this summer and maybe beyond. I do provide consulting for other areas, I just focus on WY because I’ll already be there scouting for myself and because I like the backpacking and I know it very well.

The house flipping was an idea the wife thought I’d enjoy. We were just talking about absolute total career changes at 50ish. I don’t really need a “career”, but something I like to do that will make a little money.

Most is probably just talk. I’ve been thinking about what I’ll do next since 1995.
 
One More Thing?

With the Shortage Of Housing on the Wasatch?

I Can See How You'd easily be able to Flip the Houses!

And Probably for Damn Good Money!

But Can You BUY Them Reasonably?
Exactly. Without having dug into it at all, I’m guessing I’d need to be a licensed realtor.
Probably wouldn’t worry about financing the home while working on it unless rates were lower than what I feel confident I can get with the money invested elsewhere.
It’d just be one home at a time, doing a couple a year.
Seems doable.
 
Tags get harder to come by too! The tag (opportunity) in WY will probably vanish before the legs stop taking me up the steep hills.
 
I have done a bit of flipping houses in California and it has always worked out well. As stated you do have to pay taxes on your profits, but that is true with any profits. You do not need a realtor license unless you are going to list it yourself. I have a full time job and two young kids so I don’t have time to do it at this point, but I think I will do it again down the road. I always felt it is a low risk endeavor because if the market was to fall you can always rent out the house until it picks back up.

Let me know if I can answer any specific questions.

Mark
 
You don't have to be a licensed Realtor to flip houses, at least not in California, but it can save you a lot of realtor fees at the time of sale. And it puts you in a good position to get first crack at houses that come on the market. The bargains are swooped up quick.

My Dad flipped houses when I was growing up. Guess who got all the hard dirty work? HA! It's where I first tried my hand at cabinet making. Some of the houses he flipped and a couple he held as rentals. He worked on the railroad as his regular job.

Location, location, and location.
 
The realtor fees is why I was thinking that being a licensed realtor would be worth that investment. I don’t know, I guess I’d have to compare time and cost of becoming a realtor with the fees I’d pay if I’m not.
 
The realtor fees is why I was thinking that being a licensed realtor would be worth that investment. I don’t know, I guess I’d have to compare time and cost of becoming a realtor with the fees I’d pay if I’m not.
Being a licensed real estate salesman, legally you have to sell through a real estate broker, and he gets part of the commission too. My Dad became a broker and was able to operate alone. Those goofy laws again. This is California and your state may be different.

By the time a property reaches the public market they have already been rejected by the flippers and speculators for the most part. If you're not licensed you can still do it if you have a buddy who is licensed and willing to give you a heads up on properties. You'll still be stuck with commissions though.

I was a licensed real estate salesman for about a year. I quickly discovered it was not my line of work.
 
I've been in real estate 15 years now, started out part time and worked a 2nd shift job. For the past 5 years its been my full time gig, but I do work 7 days a week at it, 10-12 hrs a day. I've been doing 5-6 a year. Getting ready to start on my 4 house this coming week already. In Maryland the contractor gets his general building permit, then all my trades guys get their permits, its super easy. When you have a good reputation all the inspectors are great to deal with. I love what I do.
 
I've been in real estate 15 years now, started out part time and worked a 2nd shift job. For the past 5 years its been my full time gig, but I do work 7 days a week at it, 10-12 hrs a day. I've been doing 5-6 a year. Getting ready to start on my 4 house this coming week already. In Maryland the contractor gets his general building permit, then all my trades guys get their permits, its super easy. When you have a good reputation all the inspectors are great to deal with. I love what I do.
Sounds like you’re really cranking away.
 
I would assume money can be made. You have no luck? Or???
Now let's not go there Founder, you need a license to do this work.....You can't just go and tell someone where to do the work That's wrong you need a professional license to do that...Just sayin....LOL ASk Buzz
 
2 types of flippers.

1- buys the house. Actually fixes what's wrong, including bad HVAC design, bad wiring, bad plumbing, asbestos, mold, etc. Creates a good home for someone.

2- finances the house, hires the bare minimums to be done, let's the subs sit 90 days to while the house sells so there is no out of pocket money. Far more of this type.


Also. You will smell like fresh blood to every sub that you hire. It's 100% obvious when folks ACTUALLY know about a subject vs think They know. And they know the games, shortcuts, etc. You will take an azz whooping on your first one.

Reality is the money in flipping is actually being able to do the work. Hiring everyone just makes you the bank.
 
2 types of flippers.

1- buys the house. Actually fixes what's wrong, including bad HVAC design, bad wiring, bad plumbing, asbestos, mold, etc. Creates a good home for someone.

2- finances the house, hires the bare minimums to be done, let's the subs sit 90 days to while the house sells so there is no out of pocket money. Far more of this type.


Also. You will smell like fresh blood to every sub that you hire. It's 100% obvious when folks ACTUALLY know about a subject vs think They know. And they know the games, shortcuts, etc. You will take an azz whooping on your first one.

Reality is the money in flipping is actually being able to do the work. Hiring everyone just makes you the bank.

Words of wisdom.
 
Number one,, you must have cash on hand to
to buy property’s if you are going to compete in the flipping world.

Not much happening on the court house steps right now. There is always a real tough crowd of regulars there to compete with anyway.

A good relationship with a real estate broker is a must to get a first shot at a good flipper, and to advise you of the day to day trends in the area you are working. Also to help you quickly unload your property’s.

A good supply of different contractors you trust for a lot of things you are not going to be able to do your self.

It is a tough, stressful gig, but can be profitable once you learn all the ins and outs.

Being a little shiesty is kind of the hallmark of
the more successful flippers.
 
Something else to think about. If you can find a house that you would like to live in but needs a bunch of work, and you can do the work yourself. Buy it and fix it up enough to move in. Sell your current home and pay no taxes. Live in the new home for two years while you make it nice and you can sell it tax free as well.
 

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