Flipping houses, how much profit to expect after remodeling?

[Grasshopp3r]

You need to go through the numbers thoroughly.

I have made most of my money on buying them right. The market is inefficient. Being a broker helps in 2 ways, 1) getting a commission on transactions and 2) better info.

In Colorado, I can represent myself and the agent that lists the house must pay me the selling broker commission. That is 2.8% of found money.

[RikaKazak]

That's like asking "how much money can I make playing poker?"

You can lose money, you can breakeven, you can make a little, or you can make good money at it..

all depends if you know what you're doing or not.

[Shoe]

The vast majority of the money is made when you buy the house (by finding a good deal). Anything you do afterwards usually pales in comparison.

Also, unless you are doing the labor yourself, you normally aren't going to recoup the costs of the remodeling.

[john voight]

Nicholasp27 , that was one of the best posts I have read on this forum.

Here are some Qs I have before I begin googling:
What is it easy to get jobs with an appraisal license (ie: are ppl looking for appraisers a lot, or is it mainly a thing you do to increase your knowledge in relation to RE investment)?

Is the license difficult to get (tough testing, etc..)

[Nicholasp27]

check out your state's licensing requirements

once u get ur license, u could probably hook up with a mortgage broker or bank to get some appraisal work; seems like they pay maybe 300ish or so per appraisal; not sure how many hours of work that 300 takes, as you have to do research work beyond just looking at the actual house

your state probably has good resource page on real estate licensing and appraisal licensing requirements

if u get really into flipping, eventually getting a broker's license would also save a bunch of money, as grasshopp3r said

i could imagine that one could get licensed in sales, brokering, and appraising and make money from selling/showing homes and appraising homes while also working on flipping houses...the appraising maybe offering the steady income to pay the bills while the flipping/selling giving the big bursts of income

[Grasshopp3r]

I am an appraiser and a broker. I do commercial appraisal, though. It is rediculously easy to get an appraisal license, but the work is tedious. That is essentially my plan.

[Nicholasp27]

how much money could one expect to make if they get their appraisal license and are willing to do the tedious work?

[prohornblower]

[ QUOTE ]
how much money could one expect to make if they get their appraisal license and are willing to do the tedious work?

[/ QUOTE ]

Ever hear of Andy Beal?...He said about 100K. lol.

[CardMinger]

Tien,

Can you give advice on what steps you take to find properties selling at 70% FMV? I know there is no magic answer but just wondering...

Thanks!

[CardMinger]

[ QUOTE ]
I am an appraiser and a broker. I do commercial appraisal, though. It is rediculously easy to get an appraisal license, but the work is tedious. That is essentially my plan.

[/ QUOTE ]

Grasshopper,

Did you do your appraiser school stuff online? If so where...and how much did it cost?

Thanks!