Answers

If you are trying to flip a house how do you know which house to pick and if the market is going up or down?

Is there a way to find out if the housing market is going up or down ? where do you find out the information and how to you read it to your understand? I am thinking about flipping a house but want to find out which houses are the best out there and where I can find if it will gain enough profit in the end. Please help thanks.!

Best Answer:

Talk to an experienced local Real Estate Agent who will work with you and who is willing to put some extra work and researches in. For both of you this can be a win win situation, you in being able to flip the houses and the Real Estate Agent because he/she can help you buying and selling the right properties and the right time. A Real Estate Agent has all the tools to keep a very close eye on the market and recognize changes very fast. Point is, find yourself a Real Estate Agent who you trust and who will work with you and for you.

Answers:

bigoilman - 2007-08-27 23:00:43
You've got a LOT to learn before you make this leap. However, here's the basic formula that's served thousands of rehab investors well. Never, never, never (did I mention, never?) pay more than 70% of Full Market Value (as determined by comps, not list prices) MINUS any needed repairs to reach your Maximum Allowable Offer (MAO). Got it? FMV X .70 - repairs = MAO And you never want to pay MAO if possible. Learn to negotiate. Especially if you're not doing the work yourself! Learn it, know it, live it. If you stray from this formula, you're going to a seminar...at the school of HARD KNOCKS! There's a ton of books/cd's/dvd's out there from every real estate "GURU" on the planet. Ron LeGrand's stuff is a very good intro into the business but for a free forum FULL of good information join The Creative Investor forums at www.thecreativeinvestor.com Please keep in mind that HGTV makes it look easy. And what they skip over is the most important part....You don't make money in Real Estate when you sell, you make it when you buy! HTH Check out this post, too. http://answers.yahoo.com/question/index;... Flipping in a down market is perfectly feasible, you just have to know what you're doing.