How much experience as a house flipper do you need to get to where actually losing money is maybe 1 in 100? ?
How many houses do you need to flip before you are considered to be “experienced”?
- SlumlordLv 71 month agoFavorite Answer
I don't think its about experience, so much, as throughly doing your homework and buying a house that you expect to give you an excellent return - maybe 30k on a deal into which you'll put 80k total.
Sure you'll make mistakes, but they shouldn't be mistakes that cause you to lose money, just mistakes that reduce your profit.
Also, expect to do whatever work you can yourself and try to buy a house (at first) that doesn't need that much work that you can't do. If you can do paint, minor carpentry and minor landscaping, may houses won't need much more than that (they almost all need new flooring but there are so many cheap carpet/ flooring guys out there that getting this done at a good price shouldn't be a problem). Buy a hosue where you can do much of the work and you may end up paying yourself very little per hour for your time, but you really should make money.
Another thing. If you really want to succeed then you need to stop asking questions and actually do something. Go look at houses, or at least take a few courses on real estate investing - heck go buy and read a book but get moving. Also, if you simply can't find anything that will make you the money you need, then just sit on the sidelines for a bit until the market changes. Sure its not optimal but you don't lose money only on every 100th deal by forcing yourself to buy something when you shouldn't.
Also, things are fairly hot right not. There are still deals out there, I think, but not as many as usual. I think this is due to foreclsoures still being halted (at least there are where I am) but this means that all those foreclosures will come onto the market whenever things loosen up and we may go from very few foreclosures to tons of them. This is all speculation, I guess we'll see.
- Anonymous1 month ago
STOP TROLL. You are broke. You are not filipping anything for many years. You have asked DOZENS of questions on it. Stop until you save up a few hundred grand like most flippers. You are most likely to lose in your first one.
- JudyLv 71 month ago
It's how good at it you are, not just how many you've flipped. And even someone who's very good will probably not have a 99% success rate.
- Anonymous1 month ago
There is no numerical definition of "experienced". People interpret the term in different ways.
When you've done something for five years you have a lot more experience than someone who has done it for one year. But someone who has done it for 30 years has a lot more experience than the person who has done it for five years.
There are never any guarantees with investments like houses. There are too many circumstances that the investor doesn't have any control over. Risk is mitigated by diversification.