Flipped my first house - Page 3 - Mercedes-Benz Forum

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post #21 of 48 (permalink) Old 08-21-2006, 09:24 PM
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Seriously though. Kentucky is beautiful, especially when driving through Illinois, easily the ugliest, flattest state in the union. What area would you suggest clk man? I've really only spent time around Churchill Downs, and that's a pretty funky area.
I'm looking for mountains but somewhat near a metropolitan area.
The area east of Louisville is really nice. The area around Fort Knox is also pretty. Lot's of poverty tho, which is why everything is cheap. I'm usually in Kentucky every couple of months, and I love it because business travel is so cheap there and you get a lot for your bucks. Great food, nice hotels. I can get a complete jacuzzi suite in Louisville for $69 bucks a night, try to do that in Chicago.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #22 of 48 (permalink) Old 08-21-2006, 09:29 PM
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You must be in a unique market environment. Around most of the country the speculators are starting to find it tough going as housing prices have appreciated so much over the past few years. In fact speculators have been estimated to represent as much as 30% of the housing stock sold in the US. That is not good news.

In my subdivision of 300 single family homes with prices ranging from 750 to 900 K there are at least a half dozen homes in that price range that have been on the market for many months (one as long as a year) without any takers.
You can still do really well with flips in Houston. A lot of homes in the subs are rental properties that have been trashed by the tenents or neglected by the landlords, and since they have already made their money on them, they are usually in a hurry to get out of them. A friend of mine is making a boatload of green moving into them with his three teenagers who help him fix up these dumps for a cut of the profits. The key is to pick the ones that just need a lot of elbow grease on paint and clean-up and landscaping and stay away from anything with structural or plumbing difficulties, and make sure you are picking a neighborhood that isn't itself going down the toilet. He stays in them about three months, and is seeing a minimum of twenty grand profit, and a max of around forty for three months worth of spare time work.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address

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post #23 of 48 (permalink) Old 08-22-2006, 07:46 AM Thread Starter
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You can still do really well with flips in Houston. A lot of homes in the subs are rental properties that have been trashed by the tenents or neglected by the landlords, and since they have already made their money on them, they are usually in a hurry to get out of them. A friend of mine is making a boatload of green moving into them with his three teenagers who help him fix up these dumps for a cut of the profits. The key is to pick the ones that just need a lot of elbow grease on paint and clean-up and landscaping and stay away from anything with structural or plumbing difficulties, and make sure you are picking a neighborhood that isn't itself going down the toilet. He stays in them about three months, and is seeing a minimum of twenty grand profit, and a max of around forty for three months worth of spare time work.
To answer some of the questions the house was 1080 sq. feet 2 bedrooms 1 bath
vinyl siding on about 80x100 lot. as far as were I would buy is in Garrard, Boyle and madision counties some good acreage can be bought for under a 1000.00 an acre.
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post #24 of 48 (permalink) Old 08-22-2006, 01:39 PM
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Central Kentucky. There are alot on nice houses going to commissioners sale. this house was only 2 years old all it needed was new carpet and paint. I know most houses won't be this easy to flip but I thing I will try it again.
You must have caught mcbaer in a good mood...

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post #25 of 48 (permalink) Old 08-22-2006, 02:44 PM
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To answer some of the questions the house was 1080 sq. feet 2 bedrooms 1 bath
vinyl siding on about 80x100 lot. as far as were I would buy is in Garrard, Boyle and madision counties some good acreage can be bought for under a 1000.00 an acre.
Under a grand an acre? No shit! Good spots for a hunting or fishing cabin?

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #26 of 48 (permalink) Old 08-22-2006, 06:38 PM
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To answer some of the questions the house was 1080 sq. feet 2 bedrooms 1 bath
vinyl siding on about 80x100 lot. as far as were I would buy is in Garrard, Boyle and madision counties some good acreage can be bought for under a 1000.00 an acre.
Sounds like a good stater home.
Do the houses out their have basements?
What about a garage single attached?
Central A/C, what type off heat?
post #27 of 48 (permalink) Old 08-22-2006, 06:57 PM
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Dude some of the homes in Kanetuck are made out of tarpaper. The still is extra, but the pigs come with the house.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #28 of 48 (permalink) Old 08-22-2006, 07:11 PM
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post #29 of 48 (permalink) Old 08-23-2006, 02:04 AM
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Good job!

I am in the middle of my second one now. I have worked non stop for almost 2 months. I just finished laying tile in the kitchen about 20 minutes ago. I will grout it tomorrow.

Bought this one for 188k, putting in almost 20k and will put back on the market (next week I hope) for 300k. Comp homes in area are asking 310-350k. I just want to move it fast, especially since the market has slowed down. 2500 sq ft, 1/4, corner lot with pool. What a dump this thing was when I got it, absolutely gross! The place smelled like cat pee and the pool looked like the black lagoon. I still can not get over the blue pool I have now.

Every single thing is brand new in this house at this point. I still have to install the granite counters, put in some baseboards, tile the laundry room, and then do some light trim work and then I am finally finished. The fence is getting put up tomorrow (got all the wood for that today too.) Carpet goes in this Friday as well!

I'm so glad this is almost done, I'm whipped. I love the process, but at this point after having only two days off in two months I am about ready to slice my wrists......I'm ready to be done! The money is great though, there is no doubt about it. I think the main thing is not to panic buy, have it inspected and whatever your projected budget is add another 5k and 2-3 weeks onto that! I am not afraid to make insanely low offers either.

This one fell right in my lap; I stopped at a garage sale and found out the owners were getting divorced and would be selling soon. I made them an offer the next day.

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post #30 of 48 (permalink) Old 08-23-2006, 08:03 AM Thread Starter
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Good job!

I am in the middle of my second one now. I have worked non stop for almost 2 months. I just finished laying tile in the kitchen about 20 minutes ago. I will grout it tomorrow.

Bought this one for 188k, putting in almost 20k and will put back on the market (next week I hope) for 300k. Comp homes in area are asking 310-350k. I just want to move it fast, especially since the market has slowed down. 2500 sq ft, 1/4, corner lot with pool. What a dump this thing was when I got it, absolutely gross! The place smelled like cat pee and the pool looked like the black lagoon. I still can not get over the blue pool I have now.

Every single thing is brand new in this house at this point. I still have to install the granite counters, put in some baseboards, tile the laundry room, and then do some light trim work and then I am finally finished. The fence is getting put up tomorrow (got all the wood for that today too.) Carpet goes in this Friday as well!

I'm so glad this is almost done, I'm whipped. I love the process, but at this point after having only two days off in two months I am about ready to slice my wrists......I'm ready to be done! The money is great though, there is no doubt about it. I think the main thing is not to panic buy, have it inspected and whatever your projected budget is add another 5k and 2-3 weeks onto that! I am not afraid to make insanely low offers either.

This one fell right in my lap; I stopped at a garage sale and found out the owners were getting divorced and would be selling soon. I made them an offer the next day.
The house has central air and heat no basement no garage its a nice little house. as far as acreage for hunting and a cabin in our town there is a 500 acre hunting lodge with a giant lodge for sale with a lot of exotic animals good deal for a hunter
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