Does anyone here flip houses?

[JimMorrissey]

That's why I like to buy something I can subdivide. It gives you a big cushion. You just need to keep looking and be prepared to wait as long as necessary or widen your search in regards to location and price. Cheaper is not always better IMO. We look for "expensive" relative to the average in the market, but find a house that still needs work. Many people looking in the higher end markets (that have land) don't want a fixer-uper. They just want to move in and live and I don't blame them. However, it offers more opportunity to you if you're willing to take on the work.

 

[JimMorrissey]

That's why I like to buy something I can subdivide. It gives you a big cushion. You just need to keep looking and be prepared to wait as long as necessary or widen your search in regards to location and price. Cheaper is not always better IMO. We look for "expensive" relative to the average in the market, but find a house that still needs work. Many people looking in the higher end markets (that have land) don't want a fixer-uper. They just want to move in and live and I don't blame them. However, it offers more opportunity to you if you're willing to take on the work.

 

[JimMorrissey]

Don't look for "land" per say....Look for a house with land in a good area. The land isn't worth nearly as much when it's attached to a single family home (in most cases). A house that needs work with 8 acres is worth about as much as a rehabbed house with 1 acre. You subdivide and now have all kinds of options for your family or retirement or as a financial vehicle to do others things with your life/time. In our neck of the woods a building lot is pretty liquid these days and I don't see it changing. More and more people move here by the hour and less and less quality buildable land is available. Interest rates may put the brakes on it for a few years, but it won't stop it long term. Besides, it's your house and you gotta live somewhere. Might as well live and improve you investment along the way.

 

[JimMorrissey]

Don't look for "land" per say....Look for a house with land in a good area. The land isn't worth nearly as much when it's attached to a single family home (in most cases). A house that needs work with 8 acres is worth about as much as a rehabbed house with 1 acre. You subdivide and now have all kinds of options for your family or retirement or as a financial vehicle to do others things with your life/time. In our neck of the woods a building lot is pretty liquid these days and I don't see it changing. More and more people move here by the hour and less and less quality buildable land is available. Interest rates may put the brakes on it for a few years, but it won't stop it long term. Besides, it's your house and you gotta live somewhere. Might as well live and improve you investment along the way.

 

[rox]

Jim,
Your MO on real estate is facinating. The aprt I like, is that you are always moving into a new home. Okay you have to finish it off, but it is still a brand spanking new home.

It seems to me that it really is necessary for both partners to be solid on the plan. I can see ow it won't work if one partner is gung ho and the other one isn't.

I wish you continued success.

 

[rox]

Jim,
Your MO on real estate is facinating. The aprt I like, is that you are always moving into a new home. Okay you have to finish it off, but it is still a brand spanking new home.

It seems to me that it really is necessary for both partners to be solid on the plan. I can see ow it won't work if one partner is gung ho and the other one isn't.

I wish you continued success.

 

[JimMorrissey]

Thanks Rox.

You're only in a new house until you run out of the land you subdivided....then you have to have something lined up to rehad and start over. Once you build the equity a bit you'll have the flexibility to always be looking for the next subdivision. If you find something you've got to have you can buy it and just rent it out as is or maybe with some minor improvments until you can get to it...but you got it secured.

 

[JimMorrissey]

Thanks Rox.

You're only in a new house until you run out of the land you subdivided....then you have to have something lined up to rehad and start over. Once you build the equity a bit you'll have the flexibility to always be looking for the next subdivision. If you find something you've got to have you can buy it and just rent it out as is or maybe with some minor improvments until you can get to it...but you got it secured.

 

[Aging TOO Fast]

just saw this tread... anyone have any updated thoughts after all this time????

 

[Dadof3]

Great time to invest in real estate.