Typical repairs on a house flip?

[Leah Cooper]

Hi all,

I've been doing a lot of research about house flipping and using hard money loans to finance the venture. Can anyone give me a brief description of a flip they funded with hard money? (Including details such as the interest rate and the sorts of repairs you did to the house and how much those cost?)

I'm just trying to get a feel for this sort of deal.

Thanks so much,

Leah Cooper

[Mindy Jensen]

There really isn't a standard house flip. Every house is different and has different needs. Before you even start looking for a house to flip, you need to know how you are going to fix it - are you doing the work, or are you hiring out? If you are hiring out, do you already have someone who is going to do the work? Finding a contractor is extremely difficult. Most don't call you back. Craigslist is NOT a good way to find someone. I have had more bad results than success that way. NARI is a good way to find someone, but they can be expensive. The last thing you want is a house purchased with hard money, and no one to do the work for you.

J. Scott wrote a book called The Book on Flipping Houses. Here is a link: http://get.biggerpockets.com/flippingbook/

I haven't read it yet (sorry, J. Scott!) but everyone who has raves about how all-encompassing it is. I have yet to read a negative review of this book.