It is very risky, take it from me. A while back me and my brother flipped over an outhouse with a guy in it. We got caught and had to spend a night in the slammer.
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Questions on house 'flipping'
- Thread starter brownsfan019
- Start date
Thanks for the good posts guys and constructive posts are welcomed!
What many of the posters to this thread don't understand is that "flipping" when done correctly means that you are buying well under market, considering all repairs. This as it turns out is a great time for flipping property in the sense that when people have difficulty selling, some will at some point become motivated sellers.
Professional flippers do not buy houses hoping they will appreciate. And in that sense flipping real estate is a totally different type of activity than trading the stock market for instance.
You won't find much information of value to flipping property on this website. I would suggest you try out www.creonline.com. Plenty of courses, links discussion groups, etc there to help you educate yourself. Do not undertake "flipping" without educating yourself first.
OldTrader
Professional flippers do not buy houses hoping they will appreciate. And in that sense flipping real estate is a totally different type of activity than trading the stock market for instance.
You won't find much information of value to flipping property on this website. I would suggest you try out www.creonline.com. Plenty of courses, links discussion groups, etc there to help you educate yourself. Do not undertake "flipping" without educating yourself first.
OldTrader
Another thing to be aware of is "illegal" flipping which involves mortgage fraud. Due to the prevalence of this, many lenders will not finance a property if it has transfered in the previous x months. FHA forbids loans on houses with previous sales in the past 90 days.
http://realtytimes.com/rtcpages/20060612_antiflipping.htm
http://realtytimes.com/rtcpages/20060612_antiflipping.htm
Quote from OldTrader:
What many of the posters to this thread don't understand is that "flipping" when done correctly means that you are buying well under market, considering all repairs. This as it turns out is a great time for flipping property in the sense that when people have difficulty selling, some will at some point become motivated sellers.
Professional flippers do not buy houses hoping they will appreciate. And in that sense flipping real estate is a totally different type of activity than trading the stock market for instance.
You won't find much information of value to flipping property on this website. I would suggest you try out www.creonline.com. Plenty of courses, links discussion groups, etc there to help you educate yourself. Do not undertake "flipping" without educating yourself first.
OldTrader
Great points Old and thank you for the link.
The link that oldtrader gave you, creonline.com, is a good one. Lot's of info. and many experienced people. The idea of buying "discounted" properties should be adequately covered in many threads.
gordo
And as Oldtrader says about this being a good time for flipping - true in the sense that more motivated sellers may emerge in various markets. But flipping has also gained attention, and not all properties are "flippable" - the deal is too thin. Possibly more would be investors chasing the dream of easy $ - motivated sellers = still motivated. However, they do not sell at a deep enough discount. And with housing prices cooling, there is more market risk. You also have to consider who is going to purchase the flipped home. If credit is tightening, and with many of the mortgage products that were available last year, unavailable this year, it is possible that prospective buyers will be fewer.
gordo
gordo
And as Oldtrader says about this being a good time for flipping - true in the sense that more motivated sellers may emerge in various markets. But flipping has also gained attention, and not all properties are "flippable" - the deal is too thin. Possibly more would be investors chasing the dream of easy $ - motivated sellers = still motivated. However, they do not sell at a deep enough discount. And with housing prices cooling, there is more market risk. You also have to consider who is going to purchase the flipped home. If credit is tightening, and with many of the mortgage products that were available last year, unavailable this year, it is possible that prospective buyers will be fewer.
gordo
Quote from OldTrader:
What many of the posters to this thread don't understand is that "flipping" when done correctly means that you are buying well under market, considering all repairs. This as it turns out is a great time for flipping property in the sense that when people have difficulty selling, some will at some point become motivated sellers.
Professional flippers do not buy houses hoping they will appreciate. And in that sense flipping real estate is a totally different type of activity than trading the stock market for instance.
You won't find much information of value to flipping property on this website. I would suggest you try out www.creonline.com. Plenty of courses, links discussion groups, etc there to help you educate yourself. Do not undertake "flipping" without educating yourself first.
OldTrader
buying and selling "fixer uppers" is one thing. what people are referring to now when they say "flipping", is capital appreciation. start a new thread on fixer uppers.
Quote from ratboy88:
buying and selling "fixer uppers" is one thing. what people are referring to now when they say "flipping", is capital appreciation. start a new thread on fixer uppers.
Rat - not according to how TLC and A&E explain 'flips' with "Flip this house" "Flip that House" "Property Ladder" - all of these deal with buying a house that needs some attention and 'flipping' it.