Home > Tag Archives: Flipping a house

Tag Archives: Flipping a house

Out of the Flippin’ House Flipping Business

If you’ve been following this blog for a while, you’ll remember that Jim and I became investor partners in a house flip way back in April 2012. When flipping a house, a main point is to get repairs and renovations done quickly to minimize carrying costs. Originally, we planned on a six month turn around, but you know what they say about the best laid plans , especially if you have to rely on partners to make things happen. Somehow in early November of 2013, we still found ourselves part owners of this property with so much potential, yet there it sat, unfinished and empty, while time continued to move forward and other opportunities passed us by. Yesterday, we put an end to our career as house flippers, even though it meant not making any money. Out of the House Flipping Game by 2014 We have so much going on in our lives right now with purchasing a commercial building, selling my practice, and trying to build our real estate holdings for early retirement. We were more than over the delays and excuses that seemed to keep coming with the flip. No work had been done on the house since ...

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Flipping a House: Beware of Partners

      As you might recall, we are currently in the process of flipping a house. We partnered up with a property management/ remodeling company for this project. Basically, they brought us the deal. We are putting up the money, and they are responsible for taking care of repairs and remodeling the property. You can read more about the financial details in the previous two posts. We Flipped a House!- Part 1, Buying the House We Flipped a House!-Part 2, Renovating a Distressed Property My last update had us almost finished and ready to put the property up for sale. However, not very long after that post was published, the wheels fell off, and we have not seen much progress toward finishing the house. If you do want to purchase real estate as an investment, I would be very careful before deciding to take on a partner. What Happened? Honestly, I’m not sure. When we noticed that no progress was being made, I repeatedly tried to find out why. I got a whole slew of excuses; everything from “my Mom has been ill” to “we had an emergency with another rental property”.  We are pretty reasonable people, but this was ...

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We Flipped a House!-Part 2, Renovating a Distressed Property

Thanks for checking back in for Part 2 in my series about flipping a house. If you missed the first post you can go back and catch up. Basically I left you with the reasons why we decided it would be a good idea to flip a house and how we decided to use a home equity line of credit to finance it. Our timeline was 6 months, and we planned on investing a maximum of $100,000 to renovate the house. Today, I’ll tell you what happened and if I would do another flip in the future.

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We Flipped a House!-Part 1, Buying the House

I have a secret to confess. I have not been completely open and honest about all of my financial endeavors. Sure I’ve talked about selling my business, transitioning into part time work, and buying a rental property, but there is something I haven’t told you. Even before starting this blog, my husband and I were in the process of flipping a house. Why on earth, you ask? Good question. I’ll share some background on how this investment property project came to fruition. The House No One Wanted We started our rental property search in early 2012. Our realtor, who also does property management, brought a house to our attention. This deal was so good that she wanted a part of it herself, but needed an investor. Her idea was to flip the house, which means to remodel it and sell  for a profit. This house was in terrible, terrible disrepair. The roof was crap. The family room had mold. The flooring was covered in grime and cigarette burns.The decor was all from the mid-70’s, and the place was covered in nicotine stains. It also had a detached garage that was falling down. In fact, the only things that were in ...

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