What do you think about buying and flipping houses

United States
January 14, 2007 2:57am CST
I've always wanted to do this and now with the new TV shows, they make it look so easy. I even found some houses in my city that are selling for around 20K which is crazy cheap. So what does it take? Have any of you actually done it before? What do you think about it? Thanks
1 response
classy56
@classy56 (2880)
• United States
14 Jan 07
i have done this with my son.we find houses that has been abandon or a forecloseure.we go to the bank an get a loan useing my home as coliteral an then we redo the home the we buy,it takes us about 2 1/2 months sometimes 3 months to fix it up an sometimes they sell fast an some dont,after we sell the home i pay off the loan i took out on my home an we come out ahead around 50.000.to 75,000 an we split the profits.an save the money till we can find another cheap home again,so i want have to take another loan out on my home
Erika78750
@Erika78750 (15)
• United States
16 Jan 07
That sounds good. I don't have my own home to do that with. I guess I'll just wait until I can get the money to do it. I have enough credit to get a cheap home but I don't have enough cash to pay for the repairs. I don't know how to get the repairs done first and then pay back after the home sells. I'm not even sure if that is possible. Hmmm let me know if you have any other ideas. Thank you for the information.