[N9NACzws]

you know people who basically flip houses, buy them, renovate some stuff and then sell them at a profit...probably average of 30k-60k profit, more or less depending on the case....but anyway, do you need a special license for that stuff ? I know you pay taxes when you sell....but is that it ?

[Fsfkkkjz]

It really depends on the state and probably city as far as what licenses you need. They gotta make sure they make as much money as possible.

For instance, in Illinois, you have to be licensed to call yourself an interior designer, but not in Michigan.

[N9NACzws]

It really depends on the state and probably city as far as what licenses you need. They gotta make sure they make as much money as possible.

For instance, in Illinois, you have to be licensed to call yourself an interior designer, but not in Michigan.

Any idea where I could find this out ? cuz I almost have enough money to start thinking about doing something like this....right now is a bad time...I'd probably buy something and remodel it around this time next year....but just wanted to know...I wanna do everything correctly...

[intifatry]

You do realize that people flipping houses is one of the reasons the US economy is in the ****er, right? That, and the banks were too stupid to realize that you don't give a $600,000 mortgage to a guy making $35,000 a year. [rolleyes]

I guess you might be able to do decently if you get something that was foreclosed on, but you also have a great chance of getting royally screwed on those. [thumbup]

Edit: You're about a year and a half late, in my opinion. I don't see too many people making money flipping houses any time soon.

[NowFloabDow]

unless you can buy in cheap, and wait, and possibly wait some more, ( in the meantime, maybe set up as a landlord?)

[cucceevevaind]

unless you can buy in cheap, and wait, and possibly wait some more, ( in the meantime, maybe set up as a landlord?)

imo that is the way to go right now...find a good college town, preferably with 2 colleges in it, buy a home, fix it up a bit and then let students live in it (no offense to guys, i am one, but i would try best to only rent to girls) and pay the mortgage for you. Every ten years or so, when the one you bought a decade before is halfway to being payed off (20 yr mortgages) buy another. By the time you retire you will have a large monthly income to retire to.

The college town i lived in during college (denton) had 2 universities UNT and TWU. UNT had 25-30k grad and undergrad students, while TWU had 8k. The towns actual population was about 50k give or take, but that population nearly doubled during the schoolyear. I would look for something similar, small town with small population.... rent was high and landlords did well.

[gydrorway]

imo that is the way to go right now...find a good college town, preferably with 2 colleges in it, buy a home, fix it up a bit and then let students live in it.

Yeah location is going to be extremely important in this market I've seen some figures recently show that the price difference between renting and owning and they don't look too good.

[HarryMet]

Yeah location is going to be extremely important in this market I've seen some figures recently show that the price difference between renting and owning and they don't look too good.

Do you have a link or source on those numbers? I'd like to see them.

[N9NACzws]

well, obviuosly right now is not a good time...thats why I said next year... I'm confident by then the market will be better.

[cucceevevaind]

well, obviuosly right now is not a good time...thats why I said next year... I'm confident by then the market will be better.

i wouldn't hold my breath

[intifatry]

i wouldn't hold my breath

Neither would I. The damage that has been done won't go away in a year. In fact, it might even be worse by then! It'll take quite some time for the housing market in particular to recover.