Love him or hate him Armando Montelongo is back! Armando Montelongo has started filming Season 4 of “Flip This House”. He says there is still money to be made flipping houses, even in today’s tough economy. See what he has to say at his website:

Armando Montelongo Flip This House Season 4

Here is the latest flip we are working on.  The house was built in 1975.  It is a bank repo.  The terrible things that were done to this house!  We made the decision to completely gut the bathroom.  New tub, vantiy, toilet, paint, and tile the floor and shower.  Our budget is $2K.

The vanity was actually 2 cabinets with a large space in the middle. Made no sense at all.

We are removing the old tile, and putting in a standard white tub, one that is a lot deeper.

This is a question that many people often ask and the answer is of course you should. The biggest problem when people look to buy a home is they tend to overlook things that may cost them down the road. People fall in love with a home without many times really taking a closer look at it and what problems it may have that need fixing. This is where the home inspector comes in.

What Is A Home Inspector?

A home inspector is a person that will inspect the home from top to bottom and give you a detailed report on what he found or did not find. It is a report that is not bias or slanted to help one side or the other. On this report you will see what they found wrong with the home if anything. Things that are usually checked are roof, basement, heating system, water heater, structure, plumbing, and electrical to just name a few. A lot of times the homeowner may even help pay for one if they want to sell the home quickly and have nothing to hide.

Most states require that home inspectors be licensed so that is something that you will want to make sure of. Some homeowners will have the home inspected before it is even sold and will give future buyers a copy of it. Look it over carefully and contact the company to make sure they actually did the inspection of the home. A home inspector is something that you should use especially if you are a first time homebuyer. It also gives the future homeowner peace of mind knowing there home was inspection and no defects surfaced.

There are many factors that will go into an offer you make on a home. Most people do not think this part through real well and in the end pay a lot more for that home than it is really worth. There are several steps you can take to make sure you give a good offer on a home and also to protect you as well.

Know What You Are Buying

No matter what any homeowner tells you they have underlying reasons to sell a home while most are honest and upfront many are not so these are things you need to remember. Your job is to gather as much information as possible so you can make an offer on a home. This means you may have some added expense you never thought about. if you are real serious about making an offer on a home than having it inspected by a third party is a very good idea. Most people who are selling a home do not mind and some will even pay half of the cost if they see you are real serious about it.

Once your the home is inspected and you have the report go over it very carefully so you can craft a great offer for the home. Factors such as neighborhood, condition of home, asking price should all be figured in when you make an offer. Many times people make offers without getting all the information they need. For you to make an offer on a home you as the buyer need to get as much information as possible. If you do not the only one you have to blame is yourself.

Permits are something that you will eventually have to deal with when flipping houses, but knowing which ones you will need will be determined by many different factors. Permits many times are determined by what you are doing and where you are at. Many cities and states all have different regulations that you will need to check into. Insurance is probably the first thing you will need to start with than go from there. Permits will be needed if you want to start doing work on the new house you bought.

One thing many people do not realize that you need permits for many jobs on houses that you may take for granted. If you add an addition to a house or are doing roof repair many times local city ordinances will require that you need a permit. If you want to start renovations, the first step for you is to find a company that will insure the property. Without insurance getting a permit will be very tough, as cities do not like to issue permits without verification that you have insurance on the house you planning on flipping.

Permits are something that you will need to deal with when you are making home improvements and flipping houses. Getting all the information you need will start with a visit to the local permit office when your property is located. In the end getting the correct permit will save you a lot of money in fines. Take your time and go to your local permit office that way you will be within the law.

Right from the beginning, you should always use a realtor for flipping houses for several very important reasons. An experienced realtor understands the house buying and selling better than anyone else you could find. They will have up-to-date knowledge about the area you are looking to purchase houses in as well as the best neighborhoods to make these purchases in.

Another big advantage of a realtor, which many people overlook, is you will be able to get access to new properties coming on the market before they are listed. This means you will be able to get a jump on your competition which can mean even greater profits for you when we talking about flipping houses. Realtors will also be able to help you put together the purchase deal and get through escrow, which can be a hassle sometimes. They can also advise you on the selling price and when is the best time to market your new property. All these things you cannot put a price on. If you had to do it all yourself it would just cut into your profits.

Find a realtor that you can work with. Many times, you will need to work side by side him or her. When it comes to flipping houses, a realtor is a priceless commodity that can speed the process up for you. Take your time and find a good one, as you will valuable all the input and time they will save you. Ask your friends, relatives, and other people you trust who would be a great fit for what you are doing. Can you do it without a realtor? Of course, but it definitely will cost you a lot more.

House flipping is a term that is defined as the practice of buying a home and quickly reselling it for profit. This new trend has really taken off with the massive foreclosure that has taken place in recent years. More and more people are house flipping than ever before and even DIY television shows have been using this method to show people what can be done.

Real estate house flipping takes place from buying a property at very low price and sell it high in a rising market. The other method, which many people or investors choose, is to buy a home in need of repair and fix it up and sell it at maximum profit.

Advantages And Disadvantages Of House Flipping

Flipping houses has many advantages and disadvantages lets look at a few of those. One of the disadvantages of house flipping is it can make the total cost of living rise in a certain area forcing out local people mostly younger or older generations. Flippers usually have no care about neighborhood integration as they are in it most of the time for a quick profit anyway.

Not everything is bad though when we talk about house flipping as some great aspects come from it as well. When a home is flipped in a community it is usually one that is fixed up and will actually bring property values up in the whole neighbor as a whole. Another big advantage is that without house flipping many times these homes will sit abandoned and crime can enter the fray and that is never good for a community as a whole.

Flipping a house has really been something that more and more people are getting into, but finding ways to finance the flip is something everyone wants to know more about. One of the first things most people do not understand and that is since most houses that are being flipped need work done to them. This many times means getting a loan will be much tougher than you may imagine.

Options For Financing A Flipped House

Traditional lenders are naturally your first choice, but they will rarely finance more than 80 percent of the appraised value, which means you will need to come up with the other 20 percent yourself. Seeking partnerships is not uncommon these days and can help you flip a house even faster. With both parties pulling resources, getting a loan can also be much easier and what profit you turn will be shared by both parties.

Consider home equity loans as a viable option as well. Many times this type of loan is easier to qualify for and you can get the money you need for your down payment and repairs. The other option, which in recent years has really become more popular, is finding private lenders. Many times, you will be able to do an Internet search and find some private lenders right in your area. This is usually a last resort, but it is a distinct possibility if you exhaust your other options.

One good rule of thumb is if you find a lender that works with you stick with them as they are more likely to give you want you need. Many times getting financing a flipped house will come through all the contacts you have made. Do not take anything for granted and you should have no trouble being financed. It just will take some time and effort on your part.

It seems like finding the right home to renovate would be very easy when it comes to flipping homes, but that is not always the case. You should consider many things before you decide to purchase a house for renovation as this is something that will cost you a lot of money and time. There are many hidden dangers that are not visible to the naked eye after just one walk through so finding the right home can be done if you follow these simple tips and keep an open eye out for the usual mistakes.

Know the market very well and what you can and cannot afford to spend. Many people overspend and are caught renovating a home they really cannot afford to. With the real estate market changing all the time you need to be on top of it to find those bargain houses that will let you turn a handsome profit for yourself. Look for some bargains online, the internet is fast becoming one of the most reliable and easy places to spot that perfect home to renovate.

Renovating a home can entail many different things, but many times finding the right one is the house with the least amount of work. Choosing houses that need such work as cleaning, painting, and new flooring is much easier than a house that needs a total overhaul. This is why when you look at houses you should always go over them very closely.

Know your limits of what you can do. If you are not a roofer than you definitely do not want to have to put a new roof on a purchased house. The key is to keep expenses down as much as possible. This way you can find the right house to renovate and in the shortest time. Follow these steps and you should have no problem finding the house that is perfect for you.

If you have ever wanted to start flipping houses than this is probably the best time for it. Most people do not realize that marketing conditions do have an affect on flipping houses in many different ways.

Flipping houses is basically buying houses at low prices and selling them for high profit. Most of
these homes do need a fair amount of repair and renovation, but after the work is done, you can see some nice profit margins.

The one thing though that can affect you is marketing conditions so let us take a closer look at that
and how it will affect you in the practice of flipping houses.

Marketing Conditions Can Help Or Hurt You

Marketing conditions can have a huge impact on flipping houses in many ways. One of the most
important ways is the price you will have to pay for a house. In a depressed market panorama,
prices are heading downwards so you will most likely get a much better deal than you would in a
market that is doing very well. When real estate is doing well the prices just continue to rise and
when they do not they fall; it is the simple law of supply and demand. Therefore, as strange as it may seem, it is much more profitable to become engaged in such a project when the market is on the
low end.

Another way marketing conditions will affect flipping houses is where the house is located at. Many
areas of the country are doing well as far as flipping houses so you would expect to pay much more
for a house in those areas. In other parts where the market is either saturated or not doing well you
may be able to pick up some bargains. Many times market conditions are regional or city-to-city.
These are all factors that you must consider when flipping homes.