MHElectric

Have any of you guys tried your hand at making a couple of bucks with fixing up foreclosures or real estate deals? Heck, a halfway decent electrician should be able to quarterback a flip house, even if you still have to hire a contractor to do a most of the repairs.

Its all the other stuff that goes along with the job that I'm unsure about (budgets, listings, cash only buys, legal nonsense, etc.)

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Cow

You think you'll make more money GC'ing a fix and flip rather than spending your time doing electrical work?

Bird dog

You should check out Lifestyles Unlimited a real estate investor education company. It's not a scam. They are the real deal. Good luck.
https://lifestylesunlimited.com/

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splatz

I have thought about the same thing. I definitely know people that make real money this way and I believe some of the posters here do.

It's definitely an opportunity to make some money if you have some time and money to invest. You have to buy low sell high, or at least higher. So you have to know enough about the real estate market and the cost of the needed renovations to know a deal from a turd.

For me - so far, I am too busy as it is, I'd have to take less work in my main business to get into this, which is a gamble I am not willing to make. If I ever come across the right deal at the right time, I might give it a go.

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jw0445

I don't do flips but I do work for several real estate agents that need inferior electrical work corrected or updated to make a sale go through. It's been profitable. Normally get paid prior to settlement but sometimes on settlement date. Depends on who's paying.

HackWork

Real estate as a long term investment? Absolutely. Flipping? Nope.

Doing it on the side will be hard. There is a lot to it and to do it right will take a lot of time. I think you'd be better off just doing more electrical work on the side like Cow said.

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MTW

I actually thought about doing it for my full time job now but the market has finally peaked in my area. The margin on a flip here is extremely tight due to lack of supply in houses in the lower end of the market, and average time on the market has been steadily increasing, especially lately. New construction is where it's at since we also have a drastic undersupply of new houses and they usually sell before they are even completed.

MikeFL

I would never buy a house from a flipper and I'd never advise anyone to do it either.

Are you going to pay $2,500 for the plumber to come repipe or go to Home Depot and spend $200? So the plumbing is junk done by someone who doesn't know what they're doing, what else is jackbooted?

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JoeSparky

Sure. All you need is the M12 installation driver and 23 minutes to flip a house I learned it all on HGTV and the DIY network

NoBot

I've thought about Flipping Houses several times. I have the knowledge, skills and credit lines.
My problem is, I would want to do it right and not cut corners. 99% of these Flippers make money because they cut everywhere they can, with no regard for quality.

just the cowboy

Friend of mine is a GC and tried a flip. Lost money due to house on market for so long, and some unknowns. Said he would of been better off as GC and lower price for less quality work, and not attach his name to the job ( as is no warranty ).

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HackWork

The whole point of flipping is to do it as cheap as possible, cutting every corner possible.

Doing quality work in house flipping is for charity, not profit.

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splatz

I wouldn't go quite that far, sure it's easier to make a buck if you're unscrupulous (as long as you don't get caught) but there are definitely people that make money doing good quality renovations.



The key has to be accurate estimating, you have to predict your costs and your resale accurately, not just money but TIME.

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HackWork

Not nearly as much as they could make if they cut every corner.

Now mind you, I am not talking about on the surface. You can still flip a premium looking house with fancy stainless and quartz kitchen that any average buyer would love, while cutting every corner possible hidden behind it.

If you care about quality building and a solid house and all that stuff, flipping is not for you.

House flipping is not that far off from telemarketer, bill collector, electrical inspector, executioner, etc. You can't worry about making people happy.

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MHElectric

I would say the key to flipping houses would be cutting the sellers throat and offering an insulting amount of cash for it. If you can get it for the lowest price possible, you've got a chance at making some money.

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MTW

Buy low for cash or with private money. Put lipstick on a pig. Don't even dream of touching plumbing, electrical of HVAC unless absolutely necessary. Put on a new roof and maybe new windows. New kitchen and bath absolute must. Get some cheap landscaping done. Get on market ASAP with the best realtor in town.

Helmut

This thread is hysterical.

Has anyone on this thread actually flipped a place, or is all this just speculation?

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MHElectric

Golden. I couldn't have said it any better.

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MTW

Flipped, no. Been around residential construction and remodeling all my working life and know what labor and materials cost? Yes.

readydave8

I did a few flips, 3 or 4

As far as quality, I did not cover up defects etc to try to trick buyer

I shot for medium level quality-wise. no granite countertops but none of the common tricks flippers uses (changing out 2-wire receps to 3-wire and nothing to hook to ground screw comes to mind, bootleg to neutral to fool HI, seen this a lot), I bought low cost houses and sold them at small enough markup so as to be affordable

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