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House Flipping » fliprent
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  • Try a Forum for Remodeling Tips

13th August 2008

Try a Forum for Remodeling Tips

Other than this site there are lots of useful places on the net to get ideas on remodeling and rehabbing.  Forums are a great place to bounce ideas off of professionals and others in the business.   House flipping is basically remodeling on steroids, especially for rehabbers. 

One such site that I like to visit is the zillow.com forum.

Zillow Forum

The remodeling and repair category usually has useful information and some of the visitors seem to know a thing or two.

Another site that I like to visit is doityourself.com

Do it Yourself Tips

This forum not only has valuable information about home projects but you can find tips on other subjects such as automobiles and purchasing land.  On the site itself you will also find lots of useful articles on different projects.  The users in the forum seem to ask good questions they usually get some really decent answers.  Heck you might even find me out there asking and answering some of them.

posted in House Flipping, Tips | 1 Comment

6th August 2008

Buy or Rent a Home in 2008?

I still believe that this is the best time to get into the real estate investing business.  However, the strategy used in this market may be the key to your success.  I’m not so sure that all of the creative strategies taught buy the self proclaimed gurus will work in this current market.  The differences in the strategies can make or break you as an investor.  For example, if you are looking for short term investments in which you control or own the property for less than 4 months, i.e. house flipping, this market should scare you some.  No one knows where the bottom is, including the gurus and even at a 20 percent discount (in today’s market) you could still be over priced in three months.  Wholesaling (house flipping on speed) may be a safer route to take since in most cases, you only control the property for a very short time frame.  The down side is you run the risk of not finding a buyer and potentially loosing deposits or down payments.  Don’t get me wrong I am still a proponent of house flipping, however only as one car in your freight train to wealth.

Read the rest of this entry »

posted in House Flipping, Landlord, Real Estate Investing, Real Estate Market, Renting | 0 Comments

4th August 2008

Negotiating Real Estate Agent Fees

Hand ShakeAs a house flipper a lot of your profit goes into real estate agent fees.  Finding a good real agent is a huge advantage in this business for several reasons.  First you want an agent that is constantly building relationships.  These relationships should be with buyers, sellers, other agents/brokers, investors, etc.  They should be full time real estate agents and willing to work for a lower commission.  Any agent that specializes in working with real estate investors will negotiate their commission.  Many of them are offering 3 percent to investors and I’ve even come across a few that offer the same to any seller, although I doubt that the latter will last after the market rebounds. 

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posted in Business, House Flipping, Real Estate Market | 2 Comments

30th July 2008

Finally Closed the Deal

The Old E Baltimore house is now officially mine.  After close to three months the sale has been finalized and now I’m ready to get going.  The house has quite a bit of work already done by the previous investor.  I’m setting a semi aggressive schedule to get this one done is 3 weeks.  I initially planned on starting today but my body is not cooperating. 

On a side note: I now know that I can no longer ride 5 different roller coasters that spin, flip, loop and jerk me around until I’m dizzy.  Who knew!

As soon as I recover from this feeling that I’m about to fall flat on my face (which has now lasted about three days), I will get going.  As usual, I will start with some before images and take more pictures as the project progresses.  Stay tuned and stay away from roller coasters! 

posted in House Flipping, Old E Baltimore Project, Renting | 0 Comments

28th July 2008

Replacing Windows - House Flipping Tip

Windows are an area that should not be overlooked when remodeling a house.  Does your house flipping project have old rotted wood, steel or aluminum single-pane windows?  Do you live in an area in which the winters are very cold?  If so you will need to replace them with newer double-pane windows.  Modern windows are mostly made of plastic, wood and metal.  Double pane windows make a room more comfortable and cut down on the heating costs.  They also reduce noise, interior condensation and outside interference from some wireless devices.  Low E windows offer more comfort in the summer months since they contain a special coating to reduce radiant heat loss.  I also prefer double hung windows in my house flip projects.  

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posted in House Flipping, Tips | 0 Comments

17th July 2008

Sale Finally Ratified

The property that I refer to as the Old East Baltimore project is finally moving forward.  The city ratified the sale and the settlement is scheduled.  I need to get a few items to the title company such as the Articles Of Organization,  Insurance Information, etc.  I was pleased to find out that the property insurance is only approx. $640/year and the taxes should be somewhere in the same ballpark.  

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posted in House Flipping, Old E Baltimore Project, Renting | 0 Comments

15th July 2008

Mold Removal - House Flipping Tip

Mold growth may be found in basements, bathrooms, kitchens and any other wet areas in a house.  Many older homes that have been sitting for years uninhabited usually have mold growth somewhere in the home.  As a house flipper you specialize in finding old ugly houses and will come across mold occasionally.  Black mold can be seen growing up walls, behind walls on base boards and any other place where moisture has accumulated.  The actual mold spores however are invisible and float in the air.  Its when the spores land on a wet or damp area that makes them visible and causes the spores to grow.

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posted in House Flipping, Tips | 0 Comments

11th July 2008

Selecting Framing Lumber - Green Wood

When framing your rehab project or house flip, you may think to yourself, ”I’ll just go to the lumber warehouse and pick out some 2 x 4’s”.  The new house flipper may not be aware that there is more than meets the untrained eye, when it comes to selecting the best lumber for your project.  Fortunately there are stamps on the lumber that tell you things like lumber grade, moisture content, and species.

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posted in House Flipping, Tips | 0 Comments

8th July 2008

The Appraisal is Convenient?

The Hopkins area project saga continues as the appraisal was done today.  They city assigned two “independent” appraisers to come out and appraise the property.  The letter says that they will base their offer off of the highest of the two appraisals.  I find it interesting that they send them both out on the same day at the same time.   This is supposed to be more “convenient” for the homeowner.  So now they are interested in convenience?  So let me translate this…We don’t really care that you are already rehabbing the property and bringing value to the community. We don’t care that it is on a preservation block which means that we are not taking the whole block for roads, utilities or any other public use.  We want your property so that we can rehab it and sell it for our own profit.  We are interested in acquiring your interest in your property and we can use eminent domain if we have to.  All at your convenience.  Gee thanks!

I hope that in the end I will be writing about how well thay handled this transaction.  Maybe they will do whats ethical and pay me for my INconvenience.  That’s what I call convenient!

posted in Hopkins Project, House Flipping | 1 Comment

30th June 2008

Asbestos Removal - House Flipping Tip

Like lead based paint, many older homes have asbestos.  Asbestos was used as an insulator and mostly found wrapped around duct-work, plumbing lines and other pipes, floor tile, attics, roofing, etc.  If exposed and inhaled over a long period of time, it can severely damage human lungs. Asbestos can also cause other problems such as warts, plaques, and asbestosis.  Although it has been banned in many other countries, the Unites States still allows its use in new construction.

Removal 

Asbestos should be handled and removed by professionals.  It can be encapsulated so that the tiny fibers will not escape into the air.  It should not be vacuumed as the fibers are too small for the vacuum.   The EPA website is a good resource on what to do when you think you have exposed this material.  There you can find a local asbestos mitigation service.

posted in Complete Rehabs, House Flipping, Tips | 2 Comments

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