How hard can it be???? and before you all start I don't mean turning them over hahaha..........
I have been watching a few shows on T.V and it doesn't look too hard.........
I am a chef and it bugs the **** out of me when people watch masterchef or something and think they could be a chef so......
Let me have it........how many have done it and how hard is it????????
Flipping houses is more a north american thing IMO. Transfer fees are to high in this country to make any worth while profit. I hope someone can prove me wrong as I'd love to do it also... In Sydney anyway you need to subdivide . my cousin in Canada makes a killing from flipping . basic Reno's add a lot of value and they have no stamp duty or the like like oz does... Maybe in qld on a very unstable market you could get lucky . risky . I'd like to hear success stories in Australia from low end priced house flips . . high end prices vary to much
Select to expand quoter2908 said..
Flipping houses is more a north american thing IMO. Transfer fees are to high in this country to make any worth while profit. I hope someone can prove me wrong as I'd love to do it also... In Sydney anyway you need to subdivide . my cousin in Canada makes a killing from flipping . basic Reno's add a lot of value and they have no stamp duty or the like like oz does... Maybe in qld on a very unstable market you could get lucky . risky . I'd like to hear success stories in Australia from low end priced house flips . . high end prices vary to much
Not to mention the greedy agents ( who in Perth, barely have to do more than flip open their list of hungry hopefuls and make a call) and their %.
Stamp duty and taxes for an established house purchase in WA, you need to allow around $15,000 (price dependent) in the budget for this
That's a fair whack off your profit margin.
The next step one has to accommodate is "This is a business" which most people first/second time around fail to come to grips with. Putting additions into as house renovation based on what "you" would want in a house isn't the best approach and not good if you wish it to be a house you will market when complete.
Not saying all changes additions are wrong, but the majority look back later when calculating profit/loss on a project and see items or changes that didn't actually enhance the on-sale of the renovated property.
These projects are very time consuming and can put a huge strain on relationships, be it family or social network.
Stamp Duty, Capital gains and GST would make it really tough to turn a decent profit.......not to mention time and effort invested.
Has anyone done it????
does this "flipping" refer to renovating an existing house that you live in to turn a profit? and moving on to the next one?
Don't get me started on Real estate agents... and the 48 hour clause...
Going through this at the moment.
What gets me is that you can put an offer on a house, it can be accepted (and they're not allowed to have more than one offer in play at any one time), they can get another offer, you can prove that really the house should go to you so the other person's offer is rejected, and still, the listing on realestate.com.au DOES NOT MENTION THAT THE HOUSE IS UNDER OFFER.
Real estate agents. Same level as used car salesmen. 
Select to expand quotenebbian said..
Don't get me started on Real estate agents... and the 48 hour clause...
Going through this at the moment.
What gets me is that you can put an offer on a house, it can be accepted (and they're not allowed to have more than one offer in play at any one time), they can get another offer, you can prove that really the house should go to you so the other person's offer is rejected, and still, the listing on realestate.com.au DOES NOT MENTION THAT THE HOUSE IS UNDER OFFER.
Real estate agents. Same level as used car salesmen.
You moving house? See my old place up the road a bit from you went for over 500k
Select to expand quotenebbian said..
Don't get me started on Real estate agents... and the 48 hour clause...
Going through this at the moment.
What gets me is that you can put an offer on a house, it can be accepted (and they're not allowed to have more than one offer in play at any one time), they can get another offer, you can prove that really the house should go to you so the other person's offer is rejected, and still, the listing on realestate.com.au DOES NOT MENTION THAT THE HOUSE IS UNDER OFFER.
Real estate agents. Same level as used car salesmen.
That's true.
I've sold a few properties recently and I was always surprised to see right up until after settlement, the property was still listed for sale on all the web sites. No mention of it not only being under offer, but the offer being accepted and acted on.
When I asked the agent about this he said it was because sometimes the offer falls over, no finance etc,.. and he said it's best to have someone else as a backup if that happens.
Well,.. I spose that's true too, but it doesn't seem fair to the person wasting their time looking at a house and getting all fired up about it if it's already been sold and is just waiting settlement.
I think it's more to do with the agent doing everything to protect their commission. But that would be uncharitable of me wouldn't it. 
Ah so it's not just me then. I was starting to think that the real estate agent had it in for me, either that or they were just plain incompetent.
Mineral, yeah moving down south 
I was surprised at the house prices as well, seems like that suburb has bucked the trend lately 
Select to expand quote
Real estate agents. Same level as used car salesmen.
I wouldn't rate them that high
but the agents don't make flipping houses hard do they ?
according to above posts they only make life harder for buyers.
anyway, I think its harder to sell house in US. from what i heard, in Texas particularly, any buyer has 10 days to change his/her mind after singing contract without any cancellation fees to pay. that's why they don't do auctions over there.
what the buyers do usually in that time frame is getting building report and send to the seller a list what needs to be fixed or otherwise bye bye.
Select to expand quotenebbian said..
Real estate agents. Same level as used car salesmen.
Used car salesmen at least stump up for the goods they are on selling!
Select to expand quotearancini said...
does this "flipping" refer to renovating an existing house that you live in to turn a profit? and moving on to the next one?
I think 'flipping' is an American term recently imported via tv shows. Maybe just another item for the Americanisation of Australia thread 
. My understanding is it refers to purchase of dilapidated properties on which you do some quick fixes and then sell again in a short time frame. You used to be able to make good money that way, but I doubt the market and taxes are too friendly to it now but if you found the right place and had the right skills then 'The Block' is there to encourage you..
Wait to you try n buy a place in the UK - you can get guzumped right up until the money and docs change hand - 6 weeks after you agree to buybthe place. Fun in a bear market not so good when the market is running hot The seller has all the power.
I have done quite a few.......
options are:
major renovations but the process can take quite a bit of time 5-10 months for bigger rewards
or flip properties .... Ie: new bathroom new kitchen, carpet and paint 5- 10 weeks for more modest rewards
stamp duty and agents commissions really eat into your profits.
hire display furniture
flipping can sometimes give great rewards but usually you have to be prepared to make only 15-20k and sometimes less but 15k in 5 weeks is not bad.... Particularly if you also keep a regular job.
agents are lazy, they focus on the weeks auctions and that's it....... They don't really work for the vendors or the purchasers these days only for themselves..... And extra 20-30k is a lot for a vendor but equates to maybe a few hundred in extra commission to the agent they would often rather sew up a deal and move on to the next rather than chase up interested parties for that extra $$$ for the vendor.
never pay the agents asking commission negotiate before signing the authority
also feel free to make amendments to their authority before signing.... Ie: commission is only paid upon settlement, agent has a set time for their authority (many will have their authority running for weeks after an auction date don't accept this give them1 wee k max after auction)
Select to expand quotedamogc said..
How hard can it be???? and before you all start I don't mean turning them over hahaha..........
I have been watching a few shows on T.V and it doesn't look too hard.........
I am a chef and it bugs the **** out of me when people watch masterchef or something and think they could be a chef so......
Let me have it........how many have done it and how hard is it????????
Mmmmmmmm! lot of would be chefs are just cooks, people do not know that you are not a chef by proclaiming it! So I guess it the same with would by builders that are just glorified handy men! IMO!
flipping works if you dont need to lend money and in the building game, I've done 7 over the last 10 years, these days are finished in Aus, everyones a handy man thanks to tv, I'm over it, wife wants to stay put in the current one
