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Is House Flipping Right for You?

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  • Description

    “Flipping Confidential” author Kirsten Kemp Becker on the pros and cons of flipping a house.

  • Duration 3:43
  • Date

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Housing special you know there's great opportunity for investors in the nation's recovery house market through house flipping that's what my next -- says.

But is it -- for years you -- Kemp -- she's the host of property ladder on TLC and expert on flipping.

And here's not remember always talk about this all the time there's your book flipping cat had been told thanks for showing that.

I don't always talk about this all the time and people were all excited do this and I don't think a thing about it until I -- two numbers.

That's that this year the average flipper made 30000 dollars on a single house and it took -- only a 106 days to do it.

Now -- -- all cloudy thinking.

It's not easy and don't be fooled renovating property for profit takes a lot of hard work and you need to know what you're doing we work with clients on a regular basis guiding them through the process there is no one answer.

About how to do.

And what to do so you need to check your motivations find out why you wanna give them what's right motivation what kind of person does this work for.

Hey if if inventory and interest rates and interior design turns you on then maybe you're a great candidate Catholic how.

I think I'm -- sounds pretty attractive but it does take a lot of time and you have to have a lot of specialized knowledge.

What are the key the critical facts that you need to locate that perfect house for.

-- I think it takes the team you might fancy yourself an expert in every area that contributes toward the think that's well -- but she needed good realtor you need to know what the financing are and then check out why you're doing this they doing this for tax benefits you doing it to diversify your portfolio.

The could you wanna get your interior -- yeah I got out.

Figure out why you wanna do it if you need to invest some money somewhere it's a great place to do it and you know you can't live and a no load mutual funds so at the back.

Back up plan and are moving -- your flat out.

That's sure help but I don't wanna go there so let's talk about the risks what's the potential downside I got L excited now -- read out the door -- Yeah if all goes wrong what can I be facing.

Well I think your stats are accurate a hundred days is about the optimum for really successful flip your facing the potential long carrying costs if you don't have an exit strategy.

You don't -- -- flip a house put a ton of money into it get emotionally attached to it and not have itself so what is your backup plan are you gonna do VR VR you gonna do vacation renal.

-- and keep it to the second home can you move your mother in line to -- -- she doesn't ruin all your hard work until the market comes back.

-- holding power to keep feeding the beast.

You need to look at your options are except 123 -- -- I get started.

Find a good realtor become one yourself really get your finger on the pulse of your local real estate market there's opportunity.

Everywhere I always say stick to your own backyard if you're gonna spend all your profits on gas or flights commuting to check on your your fled here wasting money now that's Smart.

Last word here anything special about the marketplace right now that that people need to know about.

I think it's always there the opportunity is there I'll say there's no bat houses -- just bad owners so look for a really good house that's going to be under the scrutiny of an inspection when you go to sell it to make sure you know what -- buying and count on people to get their opinion.

Who are familiar with houses in this really bad condition if you're buying a foreclosure.

What are the steps going to be what's your budget really gonna take to make that how shine -- get you top dollar when you -- put on the market.

Well Pearson if I can do -- he lacked probably wet I F I can get you to go with need to find that have.

-- god -- absolutely it's gotta be fun along the wake of their some sweat tears believe me then find yourself with a good team you're gonna have some fun and make some money.

Here's some thanks appreciate your time -- you Jerry if you get good to see you well.

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