Scott Ames asked:


Let's call him John. A bright and hard worker just trading time for dollars at his regular job. His first house flipping experience could have been a lot better.

John was watching "Property Ladder" on the A&E network one day and got the bright idea to flip a house himself. After all, those people were making money. A complimentary show "Flip This House" confirmed that money could be made, lots of money.

If you haven't seen Property Ladder, it's a television show that features first time home flippers. Usually in that show the inexperienced flipper, egged on by Kirsten Kemp, make almost a year's salary or more by fixing up an old house and selling it. Kirsten Kemp is a veteran of flipping houses and is a bit too pretty to be mistaken for Bob Vila.

John figures that the people featured in these shows are not all that bright and certainly he could do as well. With a bit of nervousness John put a 10% down payment on a home that needed repairs and begin the repair process. Or did he?

The first thing John did was to ponder what really needed to be fixed and if he needed a contractor to do it. Two weeks went by.

After getting several bids, John chose a contractor to come in and totally renovate the property for $11,000. That included paint, carpet, appliances, and a new wall to turn an open area into another bedroom. Once it was agreed, the contactor was to start working. As luck would have it, the contractor had some unfinished jobs and couldn't start for another two weeks. John was patient, after all it was going to be a great flip and he was going to make money. It was just another $800 for an extra month, no big deal.

Once the contractor started he stared with a bang. Just like on the show "Flip this House" a big yellow dumpster was deposited on the lawn and a crew started ripping out wall paper and junk from the house. That demolition lasted about two days.

The next thing this "go getter" contractor did was to disappear for another two weeks. The excuse: Men had quit and another job was pushing them behind.

To make a long story short, the contract took 8 months to get nearly complete, and then John pulled the plug and fired the contractor.

John paid others to come in a finish what was started. He had now 9 months of house payments into the project, 10% down, and construction costs.

After the house was ready, John listed it with an agent, and it sat another month. John lowered the price a bit with the prompting of the agent, but got cold feet after two weeks and wanted to raise it again. Too late! The house had a full price offer. Good news, sort of.

All said and done John made a little money and got a whole lot of experience. It was a flop, but at least he didn't lose money.

Let's review what John, now wiser, could have done differently on his first flip.

Firstly, putting 10% is ok, but not ideal. John should have used private money or have financed the property at 100%. That money could have been used for fix up rather than being tied up in the property.

Second. John waited too long to decide what he was going to do. He should have known before he bought the property what his plan was. This would have saved two weeks at least.

Third. While John got a referral for the contractor, he should have gotten more bids. A deadline for the completion of the job, with penalties, should have been written in the contract.

Fourth. John waited too long to fire the contractor once he knew there was a problem. He was afraid that he would still owe the full amount if he terminated the contractor before the work was done. A proper contract would have prevented that fear.

Sixth. John listed with a realtor too early. The property should have been for sale by owner from day one and John should have tried to market the property himself.

Seventh. The price was set, and then changed too quickly. Better marketing would have netted John with a nicer profit. John should have known the selling price even before buying the property.

A lot of mistakes were made, but John still made a slim profit. All is well that ends well, but you don't need to make these same mistakes. Learn from John.



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Jackson Hood asked:


Armando Montelongo has a show on the Arts & Entertainment channel known as Flip This House. The show is very popular and its fan base is increasing with each passing season. The core watchers are entertained by the reality part of the experience and others are investors or interested wealth building observers. Viewers are inspired from the rags to riches story and many relate to his devotion to take care of his family and financial future. The classic American underdog story of a man who wants to do well for himself and family and uses good old fashioned hard work and focus to achieve his goals within the realm of Real Estate and flipping houses.

In more Flip House news, the market is looking good and so is the upcoming fourth season of Flip This House with host Armando Montelongo and sometime wife Veronica Montelongo. Real Estate and wealth building are the topic of financial circles' speak because many think that money can be made by flipping houses even during times when the housing markets are not doing well or a buyers market exist. The Flip House news also highlights the fact that Montelongo can even supply a person with their own real estate coach to assist in their real estate ventures. The upcoming season of Flip This House should be as entertaining as ever and that’s something to flip over!

The Flip This House show is a television success and real estate success for those who want to watch what a job site is like from the comfort of their own living rooms. Making money is still something everybody needs to do as long as they are alive and real estate is always going to be a good avenue to build wealth. Building wealth and keeping an eye on our financial futures is important to all of us.



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Armando Montelongo is the United States most successful person who Flips houses. He has flipped many houses in a month and is the host of the A&E TV show 'Flip This House'. 'Flip This House' is a Real Estate reality series based on buying and selling properties. The main concept is to find a good prospect of a property, fix any needed repairs or upgrades and then after restaging the house to make it look good for selling, the property is sold to make a good profit. Armando Montelongo could be known as Mr. Flipster.

Armando Montelongo started out with not much at all and eventually through hard word and dedication, achieved success in real estate flipping houses. Montelongo reached his success not only through hard work and dedication but also positive thinking. After he reached a level of success, Armando decided to share his knowledge. Armando Montelongo then set out to create a system to teach others how he bought, funded, fixed and repaired and eventually sold properties for profit. This system is called "Flip and Grow Rich".

Armando Montelongo was born and raised in San Antonio Texas. In Texas, Montelongo built the largest real estate firm of its type in just several years. Armando started Montelongo House Buyers. That is a company that flips many houses a month by design. Armando also does the show with his wife Veronica Montelongo. Others include David Montelongo. The show is a real hit for real estate programming.

Armando Montelongo has helped thousands of people make their dreams come true by teaching real estate and flipping houses to people through his 'Flip and Grow Rich'. He has an intense passion for real estate market trends and developing techniques. He offers Real Estate Coaching for anybody that wants it. He has come up with some of the most profitable and smart real estate investing tips available.

Joseph Lane asked:

People will agree and disagree allot about when the real estate market will recover completely from the current high rate of foreclosure predictions for the next 2-3 years. Many may shy away from the market simply because they don’t want to get to involved with the market if it doesn’t look promising. The real estate market is always shifting different ways, Currently, due to some loans that were approved a few years back, many of those loans were acquired with payments that could change in the future and many of them did and the house owner could no longer afford the new payment and then many slipped into foreclosure.

With all the houses that are returning to the marketplace, there could be many opportunities to flip a house. Sure, many deals will still lack attraction but with the sheer volume of real estate property deals on the market, it will be a buyers market and for the agents who research enough, their will be some good house flip prospects. A Real Estate coach is recommended if you need help. For those unfamiliar with the term "Flip This House", it is a show on the A&E channel hosted by Armando Montelongo. The show has taught and introduced many people into the realm of buying and selling houses; known as 'flipping houses'.

With the market being flooded with properties, house flippers should start their engines because its a good time to buy and sell properties if you plan well in advance and your financial planning includes backup paths to selling the property. Montelongo House Flip style real estate is a popular way to get involved with the buying and selling of properties for quick profit.

In 2008 to 2010, it will be an era where a person will need to really have a good plan upfront so to address and situation that may arise after they buy the property. Even though the market is not great now, it is still a viable time to make money on the market if you do your homework. Remember, get a Real Estate coach is recommended if you need help. Information, experience and guidance are priceless assistance available to you.