How can you make buying, fixing up and selling houses a business/lifestyle or whatever?

April 7, 2009 by admin · 4 Comments
Filed under: Renting & Real Estate 
construction tools
lisabug7777 asked:

My husband and I both love HOUSES. We’ve both done construction;I’ve been a superintendent twice for two major residential construction builders in my area, we have tools, I LOVE LOVE LOVE doing Interior Design (I’m quite confident in my talents), my husband LOVES redoing and making house plans (he plans to be an architect), we love business, we build our own furniture, and we love old/abused homes to remodel, fix up, and sell!! How and where and what do we do to get into this??

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4 Responses to “How can you make buying, fixing up and selling houses a business/lifestyle or whatever?”
  1. Auggie says:
    April 7, 2009 at 3:27 pm

    Go to A&E’s website & look at Flip This House, it’s a show on how to flip houses, shows the pitfalls & the glory.

  2. iLL_TeK_NeekZ says:
    April 10, 2009 at 9:53 am

    Yes, You Can Make Quite The Pretty Penny If You Do It Right My Uncle’s Made Profit Of Over $350,000 In Past Few Years Doing It. Renovating, Renting Out, Leasing, And Selling.

  3. piggrumpy@verizon.net says:
    April 13, 2009 at 8:35 am

    Check your local listing and reality mags. Find a house that is like a fixer up type home. Make sure that your investiment WILL bring back your money. Once done fix the house/home up to the level you want and then sell it. Check into foreclosed properties too. You can at times get these homes somewhat cheaper. But also do this in an area that homes sales are good.

  4. eers says:
    April 15, 2009 at 2:46 pm

    I wouldn’t normally recommend this but it seems the two of you should look into a fixer-upper as someone else mentioned. If you are renting now - this might be a good oppurtunity to use this as an investment also. If you live in the house that you are working on - that’s owner-occupied, which is important because it means that the bank will give you cheaper financing.

    Get a very good real estate broker who specializes in fixer-uppers and then go take your time looking for properties. I would not recommend foreclosures - too many things to go wrong for the new investor.

    Be careful where you buy - some regions of the US are vastly overpriced. If you learn how to value properties well - you will be able to find a bargain on the buy side. Do some reading while you are saving up your down payment about how to spot a good property (Home Buying for Dummies, Investing in Real Estate, The Unofficial Guide to Real Estate Investing). Then go out there and start searching.

    When you are at the stage that you are fixing up your property - make sure you budget everything before you start doing it. Otherwise this will never become a profitable venture, just a hobby that consumes your money.

    Last point - when you fix up, make sure that if you’re looking to sell that you are building to general taste - don’t paint the bedroom hot pink, even if it’s your favorite color. Remember you are fixing up to someone else’s standard. And never make your house unusual compared to what else is in the neighborhood - you might get stuck with the property for a long time.

    Good luck!

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