Flipping houses?

[abd]

I know of a few people that have done this. They have brought old places in really good areas, knocked them down and re built. My mate picked up a place in Campbell in Canberra for $410,000 back in 2001, knocked it down, spent about $300,000 building an awesome new house and sold it for $1.2 Million.

I guess if you have the builders behind you and some decent cash, you could do really well out of doing this.

[Life Master Now]

Yeah, this is how i got started after just property investing for five years.
Well, my journey doing single story house renovations was profitable enough that now I am a property developer in the west and northern suburbs.

Lessons i can pass on:
- It certainly gave me great experience dealing with many builders and trades people, insights on really how the industry works and 'building' some fantastic relationships with them.

- The relationships with the builders went so well that now they also do house and land packages for me....again another topic to talk about!

- There are always deals to be found so that will never be the issue. You will eventually learn where to look, even getting big contacts like land developers.

- However, i guarantee there will be many challenges as there are many areas where you simply just don't have full control over so its critical you have some experienced builders with good project managers that are open to ideas.

- To fast track my process was i got other investors to joint venture with and share the 'finance' requirements.

-As you really start to do a few projects at a time, managing your builders, architect or draftsman, solicitors, banks and especially your cashflow will be the key.

- I believe that if this is your journey then go for it. Even with all the obstacles you'll face, just be committed, keep on learning and growing.

- In my case, now I've got experienced builders with me and at times we also joint venture on several projects.... Oh did i mention the great profits!

[whyinsure]

Its about insurance in Australia

[one]

Its about insurance in Australia

What an informative reply!

[maikon1100]

Ya its true that its really profitable.I also do that.I can earn 5%-25% profit from it.If u need any info pm me