House flipping

[Sean of the Thread]

Good time to get into it?

Rates just cut.. foreclosures up... thoughts?

[Hulkein]

I'd suggest getting medical insurance before putting out that much money for investment ;)

On topic though, I'd probably wait a little longer, see how the housing market plays out. No guarantee that it has hit bottom (or close to it).

[Gan]

If you have the assetts to buy low and sell when the market recovers more, yea.

Keep in mind that your area might take longer than most areas (except the west coast) to recover value.

If you're wanting to take a loan out, I'd wait until mid-April.

[Warriorbird]

Consider maintenance costs in. Renting it out for a while if you can pull it off would probably be a good thing. My cousin actually nabbed a bunch of property using an IRA of all things.

[Parkbandit]

I wouldn't get into actually flipping right now. I would aquire as much property as you can afford.. and rent it out until the market recovers.

[Gan]

Lots of things to consider:

1. Area and inventory of available homes.
2. Range of home value you're buying.
3. Term of ownership before selling.
4. Anticipated sunk costs in initial investment (insurance, upkeep, any improvements needed, etc.)
5. Risk of rental affecting eventual sale.
6. I know there's more, I'm just not in work mode right now to think of them.

[Sean of the Thread]

Yeah there is a lot to dig into before I even dream of attempting it. It was just more of a passing thought. I'm processing a lot of ideas but want to move on one with in 6 months or so.

Basically this is where I'm at. I'm done gambling this year.. it's too much of a wear and tear on health (stressssssssss..) amongst other things. I'm taking the money and rolling it into something else with a little more risk/higher return since I'm still 1/2 young and will be able to recoup.

Me and my brother have been discussing a joint business venture but now I'm fairly certain I want to ride solo or with a third party rather than family via advice.

[Warriorbird]

Family stuff is hard. My sister and I were planning something but we ended up deciding that both of us needed more experience before we move it forward.

[Gan]

If you're going business venture, go LLC or SC. Limit your liability.

[Sean of the Thread]

Family stuff is hard. My sister and I were planning something but we ended up deciding that both of us needed more experience before we move it forward.

Exactly. I'd rather fuck it up with non family.

[Sean of the Thread]

If you're going business venture, go LLC or SC. Limit your liability.

Of course that's a given.

[thefarmer]

I have a friend that picked up almost an entire block of homes in a residence right where they're supposed to build a school next year, for super cheap.

Paid virtually nothing down, on some nice homes. He's gonna sit on it until the market perks up, or the school starts breaking ground. He only found out about it because he attends school board meetings at his kids school.

[Valthissa]

You may want to look at the history of previous downturns in real estate. Homeowners in the Boston area had to wait about twelve years to break even from the real estate crash in the 80's. Buying two years into the current real estate downturn may turn out to be smart or dumb, nobody knows yet.

C/Valth

[Stanley Burrell]

Gan is my financial adviser, investment banker, broker and housing inspector.

I pity those not in the know-how.

[Parkbandit]

Gan is my financial adviser, investment banker, broker and housing inspector.

I pity those not in the know-how.

LOL.. with your current financial and social condition.. I doubt you need any of those. I would stick with psychologist and maybe someone who specializes in drug interventions.

[Stanley Burrell]

LOL.. with your current financial and social condition.. I doubt you need any of those. I would stick with psychologist and maybe someone who specializes in drug interventions.

Talk shit about me, but not about my DBT specialist, geeza'.

[Sean of the Thread]

You're such a fucking idiot.

[Stanley Burrell]

Rofl.

[Sean of the Thread]

No skin off your mom's nuts as you're just going back onto ignore. Much easier that way.

Thought I could give you a chance and endure your stupidity but it's just so fucking retarded it's beyond annoying basement boy.

[Stanley Burrell]

No skin off your mom's nuts as you're just going back onto ignore. Much easier that way.

Thought I could give you a chance and endure your stupidity but it's just so fucking retarded it's beyond annoying basement boy.

Rofl, 2x. C'mon.

[Stanley Burrell]

Nice sig.

[Drisco]

Haha Stanley, Your profile picture made me laugh for a good long time.

[Revalos]

http://fileserver6.jpghosting.com/images/Areas_c9cd1741203524600e97e0e503c1e21b.jpg

Colors indicate property cost. Yellow is 300k or so, Red is higher, blue and green is lower.

If I had the money...I'd buy all the $400k or less property in the areas circled in black on the map above. The farthest north circle is Fort Meade...future home of 22,000 BRACed jobs. The center is the University of Maryland/College Park, halfway between those BRACed jobs and downtown DC. The farthest south is around National Harbor.

Free advice, take it or leave it.

[Hulkein]

You have a link to the property value website/map?

[Lucas]

Jeebus how old are all of you that you've got the extra cash sitting around to buy blocks of houses?

[Revalos]

That map is buried in the depths of Zillow.com.

Check out my schweet schweet postage stamp (and buy it for the low low price of $367k, if you want):

http://www.zillow.com/HomeDetails.htm?zprop=37563673

To get that value map to show up (it only works for certain counties of certain states (hence why DC and Alexandria are blank)) click the link above, then click "map this home" on the left hand side, zoom out to "city" level, then click the checkbox in the upper right where it says "heat map."

Now that I look at it, it is actually a better evaluation tool than I thought...instead of it just being $300k or whatever, it is $/per sq foot, mine is right around $420 (heh).

[Stanley Burrell]

Haha Stanley, Your profile picture made me laugh for a good long time.

Yeeeah, that's... Still there. Isn't it?

Ehhhhhmmmmmm...tooooo lazy toooo chaaange.


























































































































Fuck houses! I live in a tent and smoke eight packs of cigarettes a day for an honest earning!

I pwn in my own mind. Giants football is the only thing in the "house" right now. 112 to negative three, w/ Eli Sneaking for 80 yards each down.

Tired. Night everyone. I love you.

[Parkbandit]

Haha Stanley, Your profile picture made me laugh for a good long time.


It's not him in the pic.. as his picture would make you laugh even longer.

[diethx]

It's not him in the pic.. as his picture would make you laugh even longer.

Where's your pic?

[Drew]

I've been predicting since 05 that the housing market bottom Q4 08 so I'm going to stick with that. If I were you and wanted to buy a house to flip, I'd wait a bit more.

[Sean of the Thread]

Where's your pic?

http://i20.photobucket.com/albums/b236/Japgross/roadrage.jpg

[Stanley Burrell]

It's not him in the pic.. as his picture would make you laugh even longer.

http://img261.imageshack.us/img261/953/captured20981100000bu7bo9.png

http://img261.imageshack.us/img261/1135/captured20981100003np0rl6.png

I try!

Wow. My 'stache really is offensive. Fucking awesome. Haha.



And no: I can't compete with the sexiness of that which is ParkBandit, the staunch voice of conservatives across the country:

http://blog.oregonlive.com/oregonianspecial/imus1.jpg