Keep it up and maybe you could even get your own house flipping reality TV show. There’s just one problem: lots of people are losing money. Want to make a bet how many of the people losing money were new to the game? TV has made house-flipping seem economically sexy. But pros warn that a lot can go wrong — it happens all the time — and the unwary can lose thousands of dollars. Up through last year, Michael Banovac, managing partner how To Invest In Houses With No Money RMB Luxury Real Estate in Phoenix, was doing about eight fix-and-flips a month.
Three or four of them we’d make a little bit of money. And a couple would pan out well. 20,000 in repairs and upgrades and a raft of carrying costs — mortgage, property taxes, utilities, insurance. 5,000 a month to have professionals dress up a home with furnishings aren’t unusual. Every month a house isn’t sold the carrying costs add up. That’s a lot of carrying costs. And then there are marketing and closing expenses as well as commissions to real estate agents.
Mark Ferguson, a real estate agent in Greeley, Colo. 15 years and is currently working on 10 projects. 25,000 in carrying, selling, and financing costs. Nor do they understand that managing a single house project could require five to ten hours a week. Finding deals is the most challenging part of flipping, according to Ferguson. Then there’s managing contractors, many of whom are unreliable, and getting financing.
Novice flippers think of buying a house for themselves and assume the same rules and processes apply. Eric Workman, vice president of Chicago-based Renovo Financial, a residential real estate investment lender. Workman has done business with new flippers. Avoid projects that need significant structural, electric, or plumbing work. It is possible to buy a property that is under value, put renovation dollars into it, sell it for a higher price, and make a good profit.
If you do it enough, you can make a good living out of it. But you sit down and watch and it’s 30 minutes . And that project might have taken eight months. Money may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
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