Learn from the successful investors

Jp moses interviews local investor Terry Kerr about the business systems he's got in place that helped him do over 40 successful real estate investing transactions last year. Live from Gus' Fried Chicken in Memphis.

What do you need to do after buying the house

The first thing you should do after buying the house is to go around the house and compose a list of projects you would like to do with the house that needs to be done. There are a lot of issues when flipping and it is more complex than buying an old house, changing a few things here and there and selling it the next week. You need to walk through with a pen and paper and start making notes of all the repairs, whether they are small or large, and figure a budget. Once you've figured out just how much work needs to be done on the house and you have made an ideal budget, you need to go to the bank and take out a loan that will cover the costs of the flip and anything extra for a backup in case anything goes wrong. After you have taken out the loan you will need to find a team of builders, contractors and other professionals to make sure the job gets done right the first time and without missing anything major that might do more damage to the house or risk pushing your project behind schedule. After you have done that you will then want to start to rehab a house. You will want to make sure to decorate the house the way most people like, to keep attention of a larger group of buyers. You don't want to make the mistake of personalizing the house to how you like it because the buyer may not be interested in a red bathroom or purple kitchen! Try to keep neutral colors on both the interior and exterior, as well as using common building trends. When the work is completed you'll want to make sure that it meets the building codes in the area. If you aren't sure, either find out by getting information first or just steer clear. It could hurt you in the end if you do not do your research on building codes.

What should be your first step to flip a house?

The first step when you start to flip a house is finding a real estate agent with a good reputation. This is easy to do, just look at your local billboards or keep an eye out for ads in the newspaper. The better real estate agents will be well known so asking around will help your search too. Once you have found the agent you think can assist you in your search for a house worth flipping you let him or her know that you are in the market to flip a house and would like to find a house that is in mid-range neighborhoods. That way, when you have finished the house it will be in the average buyers financial range. This will make it much easier to sell because your flip will appeal to a larger group of people. You will want to be on the look out for older homes or damaged homes that need to be restored. Your real estate agent will be able to point all these houses out to you. More will be explained with house flipping tips and also how to rehab a house.

What are the methods for flipping houses?

There are two main ways to flip a house. The first way to flip a house is to buy an older home that is in need of major repair. It is less expensive to buy an older home but there are more risks that come with buying them. The other way to flip a house is to buy a house that is still in the process of being built. You can buy new construction homes from a company or contractor and complete construction on the house to get it sold. While this is usually a lot easier to do when the house is a blank canvas, it is also more costly. We will cover more of these two methods later, they will help you learn a lot faster on how to flip a house without making you confused.

What does "Flip a House" mean?

What does it actually mean to Flip A House? What flipping a house usually refers to is when you find a house that is in major need of repair, or sometimes just minor but costly repairs. Either way, you see this house has enough repairs to make the house more valuable after you repair it so you can make a profit from it in the end. After finding a house you think you can afford to fix in a fair amount of time, you buy it. After you refurbish the house you then sell it for a price that can be compared to houses like it in the surrounding area or higher than the price you bought it for.

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