Is it wise to take out a loan to start flipping houses in Virginia?

Question by work 4 self: Is it wise to take out a loan to start flipping houses in Virginia?
I want to start flipping houses, yesterday! I’ve read up on how many people started and it seems that they begin with money they had saved or profit made from selling their own home. Well, I can’t sell my own home for another 4 years. I do have some savings but if I deplete my savings, I won’t have money to fall back on to make mortgage payments while I am waiting for the house to sell. Therefore, my only other alternative (that I can think of) is to get a loan from the bank to buy a property. My concern is, what are the chances of making a profit from the sale, after I have paid the bank their money back with interest? Has anyone started out in the business like that and found it successful? Any other suggestions?

Best answer:

Answer by gbsunshine
I am a title agent in WI and I have many investors that start out with loans. Actually I have one investor that buys all of his homes to flip with a loan from the bank. What your best bet to do is, buy a house and sell is to someone on a land contract. Meaning they would be sort of renting it from you with the intention of buying it within the first two years of occupying the residence. That way they are making the mortgage payment for you while they are renting and at the end of two years you make a nice profit of about $ 10,000-$ 15,000 without having to do anything to the property and no out of pocket expenses except maybe a little painting or carpeting. Look into it, it’s very profitable this way.

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Houses in the greater Washington D.C. area.?

Question by stefa1mg: Houses in the greater Washington D.C. area.?
I am currently looking at houses in the Washington D.C. area (both Virginia and Maryland). I am not familiar with the area at all and my main concern is safety, my wife (a school teacher) may spend a fair amount of time by herself in the house in the summers. There seem to be a lot of homes for sale in Silver Spring and Rockville, MD and Falls Church and Alexandria, VA. Any recomendation on the areas and school districts for a teacher looking for a job???

Best answer:

Answer by J-Luv
I would recommend Silver Spring or Rockville MD. They are located in Montgomery County, a district that is very well known for excellent public schools. Safety should not be a problem in these areas neither as they have low crime rates.

One prime area to avoid in DC is Southeast. Not safe or appealing area at all.

Alexandria VA is very beautiful especially Old Town, you can find some very beautiful townhomes and condos in this area. It is relatively safe in the suburban areas, there are many shops, shopping centers, malls and parks and things to do. Very family friendly area.

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looking for web site for Kanawha County, West Virginia that gives information on the history of a houses sale?

Question by Janice M: looking for web site for Kanawha County, West Virginia that gives information on the history of a houses sale?
I am trying to find a web site for the\is county that gives public information on the previous sale and the current tax assesment values of homes in this county

Best answer:

Answer by Derrick
you need to google the county’s auditors site.

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Houses and land in North Carolina,Virginia and South Carolina are more expensive than western usa states,not?

Question by Francisco Javier E: Houses and land in North Carolina,Virginia and South Carolina are more expensive than western usa states,not?
Houses and land in North Carolina,Virginia and South Carolina are more expensive than western usa states,not?,I see land and houses very expensive in these three states,what do you think?

Best answer:

Answer by Satellite Guy
It all depends where you are. VA has suburbs of DC so they are very expensive. There are also some very rural areas that you can get land much cheaper. NC is the same way. Land is more expensive around Charlotte.

SC seems to have the cheapest prices of all the three states. The standard of living is lower in SC so you can pick up property cheaper. There are areas in the northeastern part that are suburbs of Charlotte so you’ll pay more there. If you look in Greenville and Columbia you should be able to find some good deals.

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