Looking for reliable help to flip houses.?
We are going into the flipping houses business. We plan to do most of the work ourselves, but we'll need someone to do the plumbing and landscaping and some of the carpentry. Does anyone know where we should look in the northeastern area in Pennsylvania? Also, is this a good family business to start? We are looking to do this for our source of income, and to bring our sons into the business. Any ideas?
Hello,
Don't let anyone discourage you if this is your dream. Do your research first-and you can avoid many problems. My advice, first-get someone in the family to obtain a real estate license. Your family partnership will save 6% on each transaction-plus you will have access to the Multiple Listing Service to be first in line on new property listings. You can get your license for a few hundred dollars-there are also accelerated courses available-some are just two weeks in duration. In the mean time RESEARCH DEEDS!! They are available online. When you are CERTAIN that the house can be flipped and bring in the desired amount-then buy it. Also- ask yourself if you can manage keeping the house as a rental unit until the market improves-if it doesn't sell in the desired time frame. Also-sit down with a lender first to decide if you can afford to buy and keep the house long enough to improve it. Most people don't realize that the terms
are less favorable-than for a principle home purchase. The down payment will be higher and the interest payment a bit higher for an investor. It's a little more difficult to buy an investment property. Banks want to lower their risk. In my experience-banks in PA offer much better terms and lower costs than mortgage brokers. Ask for all of the terms/costs upfront. For free plumbing and carpentry instructions online try http://askthebuilder.com. For free landscaping advice and instruction- I recommend http://stellasyard.com. Also, there are many niche markets for real estate investors. Target several neighborhoods that you are familiar with and research the deeds. Find out what they are listed for, what comparable homes on that street are selling for (in the last couple of months) and know what the seller paid for the house to make an informed offer. Research the deeds in your target areas for a couple months minimum to get a feel for the market. 3 bedroom houses (minimum) will most often sell quicker than 2 bedroom houses. Consider adding a remodeling contractor that you know & trust as a partner and offer a back end profit share to get your work done quickly and on budget. If you're considering owner financing or alternative financing -you may want to consult an attorney that handles real estate transactions to run through possible scenarios. ALWAYS- get a home inspection. It's worth 10 times the $2-300 cost. Never buy a property emotionally-it has to make TOTAL business sense. No wishful thinking. Always run the numbers. Project the best case and the worst case scenario. Can you live with worst case if it happens? Do your research and you'll have an easier time succeeding. Good luck to you and stay inspired.
Arbor Tree & Landscape - Landscaping Jeannette, PA
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