January 2, 2007

Our First Property Flip

Building Wealth - Real Estate Development

Although it is easy to talk about finding the perfect home, unless you have seen one it may be hard to visualize. Do not worry, I am here to show you the way to house flipping success, building wealth, and real estate development. Below are several pictures of the house I have picked up to flip. Now, this is a long term flip, doing many of the repairs as you go. Hopefully it can be done in a year or two.

Interior of a great house flip example.

First a picture of the exterior. Immediately you can see from the picture it is a nice house. It has a good look to it, it is in a relatively good neighborhood and it is in good condition. But a closer look reveals some chipping paint, warped and badly working fence doors, gaudy evergreen bushes, and a bad driveway. These are perfect ingredients for a successful house flip(the driveway quality is not desireable, but you have to take what you can get. Overall, a very good start.

Interior of a great house flip example.
The overall details on the interior are as follows: four bedrooms; two 1/2 bath; two story house (no basement); two car garage; fenced in backyard; fireplace; lower level has hardwood floors and tile; and the upstairs level (where all the bedrooms are) is carpet. In the coming posts I'll break down the problems/opportunities in each room (with pictures) and then move on to the fun stuff - where to start, where to go, and how to make money flipping houses. It really is not hard.

What a house to flip! Watch the transformation from dud to stud! And pay close attention to the garage floors, we are putting in epoxy garage floors.

Flipping Houses

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