Home Selling in Saint Louis>Question Details

dor11741, Home Owner in Saint Louis, MO

I would like to learn how to flip houses. I do not have experience in this but could I be trained to do this?

Asked by dor11741, Saint Louis, MO Sun Mar 31, 2013

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Michael Cheng’s answer
Yes, everybody who flips today was trained how to do it. In theory, you could flip houses with no money, but you really won't get very far. Most flippers have to put together a small pile of cash, perhaps just $500K, to make a business out of it.
Web Reference: http://www.archershomes.com
3 votes Thank Flag Link Sun Mar 31, 2013
I am sure there a quote a few books out there willing to "train" you for the cost on the back cover. I would recommend starting with how much you are willing to risk on the investment. This will include the purchase price of the home and well as the rehabilitation. Do you have a specific location in mind? Make sure it is in an area of stable property values. Do you have a list of contractors? If not, start making connections. I would recommend contacting one of the local rehabber's clubs.
Web Reference: http://rehabbersclub.org/
0 votes Thank Flag Link Sun Mar 31, 2013
be prepared to compete with sophisticated buyer pool doing the exact same thing. You have to have a lot of cash collateral to establish a line of credit with the bank. Instead of flipping, why not buy renovate and keep to rent? you can Build a portfolio of rentals
0 votes Thank Flag Link Sun Mar 31, 2013
You have to either have investors where you share the profit, have the cash or the credit to purchase AND renovate the house. Know your market - work with an agent who can give you solid data on comps in the area you want to flip. Know your contractors - working with contractors who have a solid reputation for coming in on time and on budget is critical to maintaining your profit margin.

Make sure you have your financing in order before you begin. Things move pretty quickly, so once you see a house, you have to come up with approximate renovation costs (sometimes you need an architect too) before you can put in an offer. Many of the houses ideal for flipping end up in multiple offer situations so you don't have much time at all. Research well.

Please let me know if I can be of help - I work with investors as well as owner occupied purchases.

Penny Davis
314.495.9089
Red Key Realty Leaders
0 votes Thank Flag Link Sun Mar 31, 2013
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