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  #1  
Old 09-21-2006, 07:49 AM
Peabug
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Default Thinking this through

I am really interested in flipping though I dont fully understand it. Im not sure if its the same thing or not but my brother had a small first home built and has been selling and working his way up ever since. His longterm goal is to have a mortgage free home.

For me, I dont have alot of money or the best of credit, but I would really love to be able to buy homes, fix them up, and re-sale them. Is there alot of upfront money involved in this? As far as the fixing up part, we would be able to take care of this. Just the initial money needed to purchase the homes. I often see commercials on TV about purchasing homes with no out of pocket money. Can this really be done? If so can it be done with not the greatest credit?
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Old 09-21-2006, 08:16 AM
Ole_chilli
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Quote:
Originally Posted by Peabug
I am really interested in flipping though I dont fully understand it. Im not sure if its the same thing or not but my brother had a small first home built and has been selling and working his way up ever since. His longterm goal is to have a mortgage free home.

For me, I dont have alot of money or the best of credit, but I would really love to be able to buy homes, fix them up, and re-sale them. Is there alot of upfront money involved in this? As far as the fixing up part, we would be able to take care of this. Just the initial money needed to purchase the homes. I often see commercials on TV about purchasing homes with no out of pocket money. Can this really be done? If so can it be done with not the greatest credit?


I am sure there is a way but the risks in my humble opinion out weigh the rewards. Murphy's law will hit you if you get something you can't afford .. Everything has to work out perfectly for you to com e out okay .. and it never works perfectly
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  #3  
Old 09-22-2006, 06:51 PM
Peabug
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I guess my main concern really is the credit part, is there a way around it? Im not to worried about payments on the home, just upfront costs.
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