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Welcome back to the business of real estate flipping a house it just seems so 2007.
Buying homes selling it for a profit played a critical role in the housing meltdown.
-- -- molded this nation -- to the worst crisis in eighty years.
But the market is showing signs of life again and some experts are saying that flipping a home.
To boost your bottom line big time so how do you do that joining me now.
Member of the -- hit television show flip this house -- great to have you on the show so.
I just before we get to -- how to can you please tell me if it's a safe thing to do right now because this could be.
A bubble economy and how thing.
Well it Gerri first -- thank you for having me on the show.
It you know the thing about flipping houses -- -- the business and so many people see things on TV like our show.
And they think it's -- -- -- 45 minutes.
And yet you know flipping -- house is probably eight to 1012 week projects and so if you realize the difficulty and the challenges.
And know what you're doing yes you can make money but it's not for the light at heart and preparing don't know what they're doing so you mentioned difficulties and challenges where the biggest mistakes that people make when they try this for the first time.
I think the first mistake people make is they forget what B Holmes is a business and just like any business if you don't make money.
You're gonna be out of business and so.
One of the difficulties most people have when they -- -- is I think it's her own personal residence.
And in my business partner Brian now -- rice talked about there might be ten things you need to put in the house.
But when you're flipping you mildly put five you gotta make sure your house.
Is competitive so when people look at your house vs someone else's it will standout but you don't want to put too much in their forget everything extra you put -- Comes out of your pockets in your bottom line.
Plano real estate is local so I mean makes sense to think about the area you're doing this in -- -- cities towns metropolitan areas.
Their best for flipping.
Well let me say this the best areas regardless of the town you're in.
Our transitional neighborhoods.
Now the reason for that is.
You -- the biggest spread between your renovated and you're older homes.
And those are found in your transitional neighborhoods so regardless of what city you're in.
Those are where you want to start and those are the -- -- -- are merely -- transitional in this case.
So those earlier often calming those might be some areas that some people might -- got a little bit scary but there's been some work done in them.
And so they're not the most mature areas but like here in Atlanta we've got east to land how we've got grant park and I'm -- any.
If you asked people what some of those areas are and again it's all about the spread of making the money in a short period of time and other areas will be.
I still have big questions I you know I'm not entirely confident in my ability do this.
How many first time flippers are successful.
I would say not nanny and the problem is again when people think this is easy they see a 45 minute show.
And they they can do it but.
Just like any business.
If -- if you make it look easy you're good at doing get.
And so it's important to make sure your teaming up with people -- have done it before.
And getting good advice and building a strong team which in flipping includes your real terror here contractor.
And absolutely your -- Well it takes a village Peter that's for sure thanks.
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