patrick.net

WookieMan says

WineHorror1 says

The flipper is the one who is finding the deals. Does everyone here, think flipping is simple?

I've done it.

I take my hat off to you, if I understand that you bought a distressed home, fixed it up, and sold immediately for a profit.

I have bought several houses and fixed them up, but I kept them as rentals for years before selling them. Even doing the work myself (electric, insulation, plumbing, paint, but not roofing or HVAC) and even with my own financing, I would not have been able to sell at a profit right after finishing the rehab. Now I did do a flip on my very first rehab house, which I used FHA 203k financing, but that took me 4 months and I made $4,000. I consider that house my "training." That was also the only house I was able to sell without a Realtor.

HeadSet says

I take my hat off to you

And I take off my hat to you for selling at least that one without a realtor @HeadSet

Patrick says

And I take off my hat to you for selling at least that one without a realtor

Not pumping Realtors, but you're at a huge disadvantage if you're not in the MLS. You can for sure do some legwork and talk to neighbors of a house you're flipping. A lot of times word of mouth from neighbors can get it done without brokers involved. Just takes time and a bit of charisma and personality to work the neighbors up. Avoid the broker expense on the buy. That's the key. 90% of the time there's going to be a commission involved whether you like it or not. At least if you want to make the most. And it's usually on the sell after the work is done.

I have bought 3 houses without a Realtor, 1 was a military guy who was transferring and I talked to him before he listed, another was a teacher friend of my wife who I also talked to before she listed. The 3rd was the house I am in now, which I bought direct from the builder. Price comes way down when you have no Realtor and are paying cash.

However, when I sold off the houses I rented out for a while, I was unable to sell without a Realtor. I did get the commission down to 4.5% on two I sold. The problem is that the overwhelming number of serious buyers get a buyer's agent because they are unfamiliar with the buying process. Just for grins I tried to see what "We Buy Ugly Homes" would give, and it turns out to be about half of what the house is worth, plus they want the seller to pay the loan closing costs. They must be looking for some twit who just inherited his mom's house, and will sell for half price just to get the cash today.