Are there really people out there who “flip” houses and make 5,000-20,000 dollars in a matter of weeks or are those info-mercials just trying to sell their product? I’m new to the whole R.E.I. thing and am in the process of joining my local REIA. Just wante to ask if it was worth my time trying to “flip” houses. I’m 20 years old, in college and am just trying to decide where and what I should start with. “Flipping” sounds too good to be true.
Yes there really are wholesalers that make 5 to 20k per deal, but just starting out you will probably only make 2 to 5k per deal. Also the deals are few and far between. You have to swing at a lot of baseballs before you hit your first home run.
Flipping from the little that I understand can take a lot of time out of your day to deal with. The people that benefit most from these types of deals are people with the skills to fix the properties up themselves. It will be a pretty heafty bill if you have a contractor handle the repairs.
Wilson said it exactly. It’s not too good to be true. It’s a lot of work to find the deals, and in the beginning, it will be a challenge to sell the deal (profitably). Once you have a buyer or two, the exit will be easier. (I also agree that the info-mercial profits are overstated)
Spazinbklyn-I think you are confusing 2 different strategies…“Flip” verses “Fix-and-Flip”.
so is it safe to assume that i should just start out with bird dogging?
I work with Finders, Birddogs to other states than CA, and some of the benefits they look for are deal details, training and motivation, and the ability to do deals themselves someday. If that’s what you’re looking for then Birddogging is a good way to start while you learn the details of the business. Good luck.