House Flipping is a Mistake

househunter · #1 12-30-2010, 03:01 AM

House flipping has to be one of the dumbest things I have ever heard of.

Anyone who thinks that you can buy a house, make renovations and then turn right around and get it sold for a profit is crazy.

Anyone who thinks that they are going to get the entire process completed within a month or two is nuts.

It takes forever just to get financing. Then forever longer to purchase a house. Then you have to make repairs and upgrades. Then you have to deal with all of the things wrong that you didn't even know were there. By the time you get everything done you will have so much wrapped up in your mortgage and repairs that you owe rather get a profit.

Show me some proof of successful house flipping and MAYBE I will eat my words. But I doubt it.

homealone · #2 12-30-2010, 09:47 PM

I can't say that I have actual proof of flipping a house for profit, though there are countless of people out there who are doing it every single day and managing to make a profit when the sale is complete.

The thing is that you have to know what your doing. House flipping isn't something that you can simply just jump right into and believe that your going to come out on top.

Flipping houses isn't crazy. It is just something that some are able to do because they know what they are doing.

flip_it_fast · #3 12-31-2010, 02:27 AM

I completely agree with homealone.

Some people are now millionaires because of their adventures in house flipping. There is a ton of money to be made in this business.

It takes a lot of know how, patience, a system of poeple and money but it can be very worth it.

It's not something that I think everyone is capable of doing. But it is possible. People do it everyday.

loumatt · #4 01-01-2011, 04:31 PM

I found the toughest part is finding and sucessfully purchasing a house that comps out favorably.Thinking the best deals don't even make it to the 'little guy'.JMO
Where theres money theres corruption.

realestatehound · #5 01-22-2011, 04:06 AM

Hello Househunter: Just so you know their is thousand's of dollars made every year by knowledgeable flippers. You said it takes month's to get a loan, well I finance every house I flip and I can close one in a week. Their is appoximatly 30 homes per month sold at Master Commissioner sale every month and several bank owned homes and also short sale's out their. So there are a lot of homes sold that you can make money on. You just have to work hard to find them. I have been flipping for several years and I have it down to a science now. I never buy a flip that I think will take me over 30 day to repair and get it on the market and I do just about all the work myself. My average days on the market last year was 32. I make between $15,000 to $35,000 on every house. You do the math and tell me if their is any money in flipping houses. It is not a business for someone who is not self motivated or who is not willing to work hard for their money but I assure you it can be done. I know that in bigger markets flippers make more money per flip, but in my county the average sale price is $133,427. I also buy home's that are for first time home buyers because their are still 100% loans available for them.I can put a first time home buyer in a home for less that $500 out of their pocket total.