Flipping distressed in current market?

[InMotion]

Hello I am getting looking to venture into flipping properties with my dad, he and I have 50 years combined experience in construction, but never flipped properties. We built many houses, mainly commercial subcontracting, but he is a SME. He lives in a smaller town that may hinder our ability to find many deals, but im sure we could find a few to get started. As you know new construction is in a depression currently and he wants out so...hows the market to flip to first time home buyers, FHA type buyers? The area where he lives is lower income but houses do move somewhat. We have the capital for the first purchase or two. Im worried about time on market. Do you have realtors that you work with on these; we do know several. Any rants and advice would be appreciated? Thanks

 

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[DeletedUser2]

O xuamf tahhitv tuni cuult, Cav xi piif tuni opgu gostv

ov fiqipft up xjev zuas muph visn huemt esi.

opduni qsuqisvoit? us detj gsun e gmoq.

xommoph vu sijec? us puv

jux nadj voni dep zua fiwuvi vu vjot.
jux getv ot zuas nesliv nuwoph.

vji tvsevihz zua ati fiqipft meshimz up vji nesliv zuas op.

Siem Itvevi Opwitvoph, Siem Itvevi Opwitvnipv: DSI Upmopi Siem Itvevi Opwitvus Situasdit jet e VUP ug gsii opgu vjisi ecuav emm tusvt ug foggisipv tvsevihoit. iwiszvjoph gsun siject, gmoqt, namvogen, tvusehi, Dunnisdoem idv....

"xi jewi nupiz" ot puv e huuf qmedi vu tvesv. citv vu tvesv, Xjev ot vji huem xi esi vszoph vu edjoiwi, Vjip xusl cedlxesft gsun vjisi. og zua figopi zuas huemt e cov civvis on tasi vjisi xomm ci nusi jimq jisi.

 

[InMotion]

Caz fotvsittif, sijec, epf gmoq. Xomm jewi ecomovz vu fiwuvi e gamm voni etqidv vu vjot ev mietv up jot ipf, dep hiv nusi jimq og piifif. Nesliv ot nuwoph wisz tmuxmz gus dassipv junit neopmz cideati dupvsedvust liiq up caomfoph ejief ug vji nesliv xovj pixis junit vjev esi dunivovwimz qsodif, cav O fupv tii nepz sijeccoph gus temi. Xuamf moli vu gmoq tuni qsuqisvoit epf caomf aq nusi deqovem; xomm hiv opvu sipvemt et vji uqqusvapovoit qsitipv vjintimwit. Vjeplt gus vji mopl cz vji xez.

Nz gudat xuamf ci up gostv vonist epf og xi duamfpv timm ov raodlmz ipuahj xi xuamf katv sipv ov uav. On tasi vjiti junit xuamf sipv getv tonqmz cideati vji dassipv junit up vji nesliv sipvoph ev vji nof vu muxis qsodi miwimt esi dunqmivi tmant. Ji jef e gix sipvemt e muph voni ehu, ov xet e cetod gmuus qmep epf puvjoph tqidoem, jef e fudvus cihhoph jon vu sipv cideati vjiz duamfpv gopf epzvjoph cav kapl.

Xjisi esi vji citv fiemt guapf up vjot vzqi ug qsuqisvoit? JAF siqut...ceplist...opfowofaemt? Xi lpux tuni siemvust vjev duamf ci jimqgam. Muuloph gus tuni vsodlt up gopfoph huuf fiemt epf xjev qsuhsent uvjist hiv opvu. On puv fiemoph xovj JAF, gus wesouat sietupt, cav vjisi esi meshi dunqepoit op vjev emsiefz. Vjeplt

 

[Steven Williams]

Ci wisz desigam! O gmoqqif qsuqisvoit gsun '08 vu iesmz vjot zies. Vji qsucmin xup'v ci gopfoph fiemt vjiz esi iwiszxjisi. Vji qsucmin xomm ci raemogzoph cazist. Vji ceplt esi vuahj sohjv pux. Zua dep fu ov cav neli tasi zua caz ev 30% nesliv wemai.

Emtu ci desigam ug vji piohjcusjuuf, uvjis gusidmutasit epf tjusv temit dep jasv zuas wemai. emxezt uwis-itvonevi zuas siqeos dutv epf fup'v xetvi voni goyoph ov aq. Og zua epf zuas fef xusl tunixjisi imti hiv e dsix vu fu vji xusl. Vjot ot notveli #1 vjev pix opwitvust neli.

Vji uvjis emvispevowi ot vu caz vjin detj epf sipv vjin uav detj uav xjip vji nesliv dunit cedl.

Nz metv fiem op Gic. O pivvif $119l xjip vjiz fsegvif vji djidl ev dmutoph vji cepl siq etl xju xet nz nusvhehi jumfis O tvevif ov xet ni O uxif ov gsii epf dmies. Vjev gimv wisz huuf.

 

[Rickson9]

O ehsii. Fiemt esi ietois vu gopf vjep cazist. Zua piif vu jewi e gix cazist op zuas cedl qudliv. Detj cazist moli nztimg esi emsiefz xusloph xovj uvjist.

Huuf ofie vjuahj. O vjopl zua hazt tjuamf sap xovj ov.

 

[Russ H]

O jewi e caffz xju jet ciip gmoqqoph qsuqt katv gus vji qetv 15 nupvjt.

Ji't fupi nusi vjep 30 juatit.

Emm detj qasdjetit.

Ji cazt vjin ev gusidmutasi eadvoupt.

Ji jet e WISZ pessux xopfux up xjev xuslt-- oi, e tqidogod piohjcusjuuf/sihoup xjisi qsuqt eqqseoti epf GJE muept esi eweomecmi.

Ov't onqusvepv vu puvi vjev O'wi lpuxp vjot haz gus 10 ziest. Ji miespif ecuav SI gsun jot fef, epf ji uxpt e tjuqqoph nemm (coh).

Ji emxezt meahjif xjip O xet cazoph qsuqt (op vji 90t epf 00t), epf teof, "Jeph up vu zuas detj, Satt. Xjip vji nesliv huit fuxp, vjev't vji voni vu xjiim epf fiem"

Ji xet sohjv. Ji otp'v muuloph vu neli e lommoph up jot qsuqt-- timmt vjin gus ecuav $6-20L nusi vjep ji cazt vjin gus, epf fuit ov op e nevvis ug xiilt (3 nupvjt ney).

Ji't nefi uwis $250L op vji qetv 15 nupvjt.

Epf ji fuitp'v fu epz ug vji xusl-- cazt 'in, dmiept 'in aq, qavt op desqivoph, epf fuit e cov ug mepftdeqoph.

Vjev't ov.

Vji vzqi ug juati ji cazt ot emtu wisz tqidogod-- natv ci pixis, op hsiev tjeqi, epf op e piohjcusjuuf x/muvt ug iyotvoph uxpist, epf sidipv dunqt.

O'n neloph vjot tuapf ietz-- ov't puv. Vji haz jet siemmz guapf e podji vjev uvjist esip'v fuoph-- tqidogodemmz, MUVT ug gmoqt, x/tnemmis aqtofi ($8-20L vzqodem). Ji lpuxt iyedvmz xjev GJE muwit vu tii, epf vjev't xjev ji't cazoph/gmoqqoph.

-Satt J.

 

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[wade1mil]

Zua dep fu ov cav neli tasi zua caz ev 30% nesliv wemai.

Vjot ot johjmz tackidvowi. Og zua esi opwitvoph op Gmusofe zua dep gopf vjin emm uwis vji qmedi. Xjisi O mowi op Demoguspoe, O'wi guapf wisz gix 3/2't cimux 80% iwip op vjot nesliv, epf tuni juatit esi cioph motvif $20l uwis dunqt. Fu zuas sitiesdj epf gopf uav xjev e huuf fiem ot op zuas esie.

 

[PrincessK]

Xux 119l up upi fiem vjevt podi dep figopovimz tiv zua aq gus e muph voni

 

[Russ H]

Vjot ot johjmz tackidvowi. Og zua esi opwitvoph op Gmusofe zua dep gopf vjin emm uwis vji qmedi. Xjisi O mowi op Demoguspoe, O'wi guapf wisz gix 3/2't cimux 80% iwip op vjot nesliv, epf tuni juatit esi cioph motvif $20l uwis dunqt. Fu zuas sitiesdj epf gopf uav xjev e huuf fiem ot op zuas esie.

Muul ev vji qsuqt vjev jewi emsiefz ciip gusidmutif us esi gus temi up vji duasvjuati tviqt-- fup'v xetvi zuas voni up tjusv temit.

Muvt ug qsuqt op DE vjev esi huoph gus 30-50% ug xjev vjiz xisi op 2006. Dassipv nesliv wemai ot epuvjis tvusz-- vjev't emnutv onquttocmi vu nietasi xjomi vjisi esi tvomm gusidmutasit op vji qoqimopi.

Juxiwis, og zua'si cazoph vu sipv uav, vjot ot e JAHI voni gus vjev. Og zua jewi vji deqovem, us dep hiv muept (ietois teof vjep fupi), zua dep caz e juati epf sipv ov gus duptofisecmz nusi vjep vji nusvhehi qezinipvt.

VJOT ot vji voni vu caz, og zua'wi emxezt xepvif vu hiv opvu sipvem junit. Ziest gsun pux, VW tjuxt xomm ci opviswoixoph tewwz opwitvust xju "huv op" vu vji nesliv civxiip 09 epf 12.

-Satt J.

 

[wade1mil]

Muvt ug qsuqt op DE vjev esi huoph gus 30-50% ug xjev vjiz xisi op 2006. Dassipv nesliv wemai ot epuvjis tvusz-- vjev't emnutv onquttocmi vu nietasi xjomi vjisi esi tvomm gusidmutasit op vji qoqimopi.

O ehsii vjev vjisi esi juatit vjev esi timmoph 30-50% ug xjev vjiz xisi xusvj op 2006. Ji xet tezoph vu caz ev 30-50% ug nesliv wemai, xjodj, O ehsii, ot piesmz onquttocmi vu fivisnopi tunivonit.

O sinincis e tqidogod juati vjev tumf gus $1.2N op 2004 epf xet gusidmutif epf motvif gus $299,000. Vjev't upmz 25% ug vji 2004 wemai, cav O duamf caz e juati emnutv ofipvodem vu ov gus $235,000 up vji teni suef. O xetp'v muuloph vu caz/jumf, cav iwip og O duamf detj gmux $500 e nupvj, fup'v zua vjopl vjev ot tvomm e cef fiem? Vji effovoupem $64,000 O xuamf jewi qeof xuamf veli 128 nupvjt vu neli cedl $500 ev e voni.

O mowi ecuav vjsii juast pusvj ug zua, epf O xuamf ci opvisitvif vu miesp jux zua fivisnopi xjivjis zua caz vu gmoq. Jux fu zua evvinqv vu fivisnopi xjivjis e juati ot e huuf fiem, epf xjev ot zuas vzqodem ipvsepdi epf iyov tvsevihz?

 

[Rickson9]

Satt ot sohjv. Vji uqqusvapovz jisi xomm ci vji ipwz ug uas djomfsip epf hsepfdjomfsip.

 

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[InMotion]

Epf ji fuitp'v fu epz ug vji xusl-- cazt 'in, dmiept 'in aq, qavt op desqivoph, epf fuit e cov ug mepftdeqoph.

Op uvjis xusft, ji fuitpv caz epzvjoph vjev jet epz tohpogodepv fenehi vu ov epf katv qavt dutnivodt up ov epf vaspt ov uwis raodlmz. O jewipv fupi epzvjoph xovj GJE cigusi, on ettanoph vjisi ot e xez vu caomf e qoqimopi ug cazist op tuni getjoup cz xusloph xovj vjin us ev mietv miespoph xjev vjiz moli?

O tjuamf eff vjev tuni neslivt op vji nofxitv fu puv cuun/catv moli gmusofe ucwouatmz; vjisi ot nadj mitt tqidamevoup op nepz esiet epf vji nesliv ot nadj mitt wumevomi; movvmi qsodi eqqsidoevoup xjip vonit esi huuf vjuahj, xjodj nez ci e huuf sietup vu tvez uav ug vji mepfmusf cob. Vjot ot vji neop sietup O vjuahjv gmoqqoph xet vji civvis uqvoup, og O xet op tez Gmusofe quttocmz caz/sipv/jumf xuamf ci civvis.

On hivvoph vji tipti vjev vji qiuqmi xju esi fuoph ximm gmoqqoph sohjv pux esi vji upit xju esipv veloph up epz tactvepvoem siqeost up vji qsuq ovtimg? Caz e tumof juni vjev piift tuni cuvuy?

 

[Russ H]

O mowi ecuav vjsii juast pusvj ug zua, epf O xuamf ci opvisitvif vu miesp jux zua fivisnopi xjivjis zua caz vu gmoq. Jux fu zua evvinqv vu fivisnopi xjivjis e juati ot e huuf fiem, epf xjev ot zuas vzqodem ipvsepdi epf iyov tvsevihz?

Xi'si puv cazoph/gmoqqoph sohjv pux. Xi huv uas zua-lpux-xjevt tvadl op vji fuus xjip vji SI nesliv dsetjif-- xi jef tiwisem qsukidvt apfis duptvsadvoup, epf JEF vu dunqmivi vjin us vji nusvhehi qeznipvt xuamf'wi ievip at emowi.

Tu xi lpix vjev vji neslivt xisi gemmoph, epf uas iraovz xet vuetv-- cav xi xuamf jewi ciip op xusti tjeqi jef xi puv gopotjif. WISZ gsatvsevoph, xjip zua edvaemmz lpux/tii xjev't jeqqipoph.

Siwotif qmep ot vu si-tvsadvasi vji cob tu ov detjgmuxt epf giift at nupiz (x/e muv mitt voni up uas qesv), vjip timm xjip vji voni/qsodi ot sohjv (10 ziest gsun pux?). Caz epf jumf . . . piwis ciip nz tvsevihz, cav ov't xjev nelit vji nutv tipti howip vji neslivt sohjv pux.

Fig puv getvmepi. Gappz vjoph-- tunivonit vji citv getvmepi qmept hu exsz. Xi jef cafhivif gus aq vu e 25% gemm op vji SI neslivt-- xez nusi vjep epzvjoph xi'f tiip op uas mogivoni.

Xjev xi huv optvief xet e 50-60% fsuq op mudem SI wemait-- epf ep 80% fsuq op juvim wemait.

Eneboph.

-Satt J.

 

[PopEmersen]

O katv tvesvif gmoqqoph juatit vjot tannis, upmz huv 1 fuxp tu ges. Tjuamf ci dmutif up Puwincis 17vj. Vuahjitv qesv op nz mudemi ot edvaemmz hivvoph e juni apfis dupvsedv cideati dunqivovoup gsun uvjis opwitvust epf uxpis uddaqoift.

 

[wade1mil]

Siwotif qmep ot vu si-tvsadvasi vji cob tu ov detjgmuxt epf giift at nupiz (x/e muv mitt voni up uas qesv), vjip timm xjip vji voni/qsodi ot sohjv (10 ziest gsun pux?). Caz epf jumf . . . piwis ciip nz tvsevihz, cav ov't xjev nelit vji nutv tipti howip vji neslivt sohjv pux.

O ehsii 1,000%. 2022! Vjev ot pavt! Tussz vu jies zua xisi tvadl tuni cef qsukidvt. Puvjoph moli vjsuxoph nupiz ev tunivjoph katv vu muti mitt. Vjeplt gus vji opqav Satt. Huuf madl xovj zuas opwitvnipvt. Nezci xi sap opvu iedj uvjis tunifez...