North Idaho

CDA company teaches customers how to flip homes

CDA company teaches customers how to flip homes

COEUR D'ALENE, Idaho - Chances are you've seen a rundown home in your neighborhood and thought you could buy that home, fix it up and sell it for a profit. A Coeur d'Alene company says you can, but you need to know a few things first.

It takes a lot of work, plenty of commitment, and a whole lot of know how.

But maybe the biggest thing to know when flipping a house: how to be safe.

Terry and Kent McKee came all the way from Little Rock, Ark. to learn how to flip homes from Coeur d'Alene-based Cogo Capital.

"Spend your time most productively, get the most work, get it done fast, because that's what rehabbing is about," said Terry McKee.

Cogo CEO Lee Arnold says not a lot of people from Spokane actually take their classes.

"We actually have people fly in from across the country and spend a day on the job with us," said Arnold.

Most of the homes flipped by Cogo are foreclosures or put up by a multiple listing service (MLS).

"Just in the Spokane/Coeur d'Alene market we will have bought and sold about 50 homes this year," said Arnold.

Arnold's not worried about putting himself out of business by training others to do the same.

"We're not worried about flipping all the homes. It always seems there's new ones coming on the block all the time," said Arnold.

Arnold said flipping homes can pay out big, but you have to know what you're getting into. That's why this isn't the first class on how to flip homes for the McKees.

"You stand to make good money, but you also stand to lose significantly if you don't know what you are doing," said Kent.