Any home flippers lurk here? Just flipped my first home. 3 bedroom 2 1/2 bath for a 49...

Any home flippers lurk here? Just flipped my first home. 3 bedroom 2 1/2 bath for a 49,000 profit and was on the market two weeks. This was one of the most nerve racking experiences i've gone through. But well worth it. Any advice?

>pic semi-related

Thinking about getting into it myself. How much did you spend on the remodel?

Curious about doing this myself. Did you start with loans or capital? Did you do the work yourself or hire contractor?

Just under 20k
Started with an investor, splitting profit 50/50

What state you in?

CA

someone you knew? or did you go out and find an investor?

Where did you find the deal? Trustee sale? Tax default auction?

Which part of CA?

Brit here. Been renovating houses for a profit for around six years. Its now my main "job" if you can call it that.

I hate the term 'flipping', usually when people say flip here they mean they sold the house without making any changes, relying on market fluctuations or buying under-value to make money.

It's still flipping you britfag. Doing a shitty remodel with cheapest materials available and making "improvements" you deem nice is shit.

Except I typically take houses that are so wrecked the banks wont finance them and turn them around.
I sold a detached house a few weeks ago that was a complete ruin when I bought it.
Two months and a new roof, part rewire, new central heating system later. Sold it at a 40k profit after fees and taxes.
I wouldn't do it just for the money, I like making things nice. It's a hobby as well. My houses are beautiful when i finish with them, all good materials. I go for detail and high-spec

There's also a huge satisfaction in denying cunt property developers from converting these old buildings into yet more fucking flats.

I've been stocking up on buying plots of land. Just small $15-25K tracts every 2-3 years. I bought this small half acre plot for $13K in 2009 and sold it in 2013 for $30K. So far, I've held on to every thing else. Have 5 different plots as of now.

My advice. Figure out how much you just fucked yourself on taxes.
>DO NOT FUCKING FLIO HOUSES...

The closest thing i will ever do to flipping a house is to buy one as a rental and put a for sale sign on it. If i cannot rent out a home for a profit i would never ever fucking buy one.
>why you ask?
Because who the fuck knows if soneone will buy it?

I dont know user. I feel like the shithoke i bought could be soruced up and easily resold for double. But it would take a lot of work. 30% in taxes. And still be a gamble.

I'm doing this with 2 friends but we need 1 more investor. We're putting in $20K each in the Torrance, CA area. Post your info if interested we can meet up. Preferably an attractive female post pics

Fuck you cunts

how to get scammed
>the post

how do you deal with property taxes on all the land?

Not a bad investment user. Esoecially if u dont know wtf you are doing. Better than betting on a stock market. A crash can't take your land. And if u can afford to set on it and oay property tax you almost cant lose. Rather than sell tho, if residential neighborhoods start poping up tell them to suck a fuck and build a house or office on it to rent out. Keep that passive intome flowing for 50 years and then sell that bitch. Gl user. Keep it up.

>That hand float

This country needs more people like you.

Thank you for that service, you don't know how annoying it is to see apt flats everywhere

Yea but flippers end up ruining properties. They go in there replace whatever they have to with the cheapest materials using the cheapest labor. Theyll hide shit like termite damage or any structual issues as long as it passes code. Every house ive worked on with a flipper the quality of work was shit because they are cheap.

You're blinder than a bat.

Check'd

>A crash can't take your land.
not physically, but you *do* remember the housing bubble, right? you can still easily lose money with land. even worse, because it can take several months to sell at an adequate price. with stocks and land neither is better or worse - they're just different. both have great potential but also substantial pitfalls.

Awesome user, i'd like to hear some experience and how you got yourself into the business

What's your process?

>find land for sale
>can afford it
>buy it

What type of question is that?

I do have 1 plot of land that is off a main road. I'm thinking of turning it into a flea market and rent out tables or sections every Sunday $20/each. Should be able to make at least 40-50 booths. Just need the capital for lumber to build them and advertise a grand opening.

It's not exactly an inspiring story i'm afraid, I didn't start from the bottom.

My dad is a joiner with his own business. He learned the trade from his dad who was a master carpenter.
So I grew up around a lot of tradesmen. My older sister is an electrician and I've got cousins and uncles who're plumbers and builders and so on.

I finished university at 21 with a bachelors degree in geography. I couldn't get a job because I just coasted along drinking and doing the bare minimum.
I ended up back home just dossing about for a few months with mates, getting drunk most nights.

Eventually my dad got pissed off and literally dragged me out of bed at 7am one morning and took me on site with him. Screamed at me the entire way to the job, told me I was doing a good days work or I wasn't coming home that night.
I did labouring for him for the next six months in exchange for living there. Picked up bits and pieces of the trade myself.

Around that time my grandad died. He left me a fair bit of money. I was thinking of ways to invest it and I ended up talking to my dad about looking for a property to do up and sell on..
He said if I could find one that he agreed was a good buy he'd give me the rest of the money I needed and help me not fuck it up too badly.

It went well, I learned a lot about project management and just kept doing it ever since.
A short time later I paid my dad back the money he started me off with and bought my own place a few years after that.

I'm not a millionaire but it's honestly a pretty easy job if you know what you're doing. I don't do any physical work anymore. I just hang around the houses making sure the trades are doing the job. It leaves you with a lot of free time.
I might actually end up being a millionaire in ten years or so. It's a business where you reinvest your profits and the returns grow as you diversify with higher value properties.
I think i'm still a lazy POS at heart.

TL;DR: Family money, family connections.

You answered his question, take your miserable ass back to /b/ friend-o

Bullshit that's not an inspiring story. You were out getting piss drunk with the boys wasting time, Then turned it around. Very well done. But those feelings of you being a POS is likely an unresolved issue somewhere in your life. You have to face all your demons and dissolve your ego. What tips would you give to the beginner you about renovations and flipping? The idea is buy the foreclosure at wholesale price, fix it up to flawless modern, then put it on the market for a 30-80k profit

I guess youre right, but at the same time, if you think you can trade stocks why in the fuck qould you ever buy any unless you had to?

>What is stock options?

Good idea user.

Start with one small booth and go nuts? I can find money for 1 booth in my change jar. Add on as u go.

why so angry?

I was expecting there was some analysis or strategy involved m8. Nevermind good for you

>My older sister is a who're

bump

I try to avoid flipping. Buy and Hold gives me better returns for the amount of effort I have to put in. Sometimes you land on a perfect refurbish and flip that you can't easily rent though.

I avoid buying from flippers when I can. The quality of the work is awful, and if I'm looking to hold the property, I don't want to redo everything that they did in 5-10 years. Anyone who uses 5 dollar a gallon paint isn't going to care about properly fixing the underlying structural issues with a house.