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| MrInvestor |
 Posted: Sat Oct 01, 2005 7:21 pm Post subject: House Flipping |
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Investing Manager
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Anyone else see those house flipping shows?
I wonder if these shows are going to encourage a lot more newbies to try flipping a house.
It looks like a LOT of work, but could really turn a profit.
Anyone ever try this? |
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| grimes |
| Posted: Tue Nov 01, 2005 11:36 am Post subject: |
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| A couple family friends house flipped for a while. They made some money, but they ended up paying it all out in marriage counseling. Make sure you want that particular stress before you hop in. |
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| Do5 |
| Posted: Tue Nov 01, 2005 12:01 pm Post subject: |
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Investing Sr. Associate
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| I like the shows but I wonder how much they edit out, not to discourage people. |
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| cwing |
| Posted: Tue Nov 01, 2005 5:43 pm Post subject: |
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Associate
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| I watched one the other day.. It was funny they spent so much money on this house $1.2 million. Tried to sell it for I think it was $2 million and couldn't.. So now there monthly mortgage is like $5k.. Maybe they sold it by now. It seems the guys were well off enough to keep up with the payments for awhile. |
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| raspberry24 |
| Posted: Tue Nov 01, 2005 6:33 pm Post subject: |
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Member of the Month
May
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| I think you really have to know what you are doing and be handy to take something like that on. |
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| InvestingMac |
| Posted: Tue Nov 15, 2005 9:46 am Post subject: |
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Investing Manager
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| raspberry24 wrote: | | I think you really have to know what you are doing and be handy to take something like that on. |
Agreed. I think it might be an interesting hobby for individuals with the finances to back it. To make it a living you really need to love and know what you're doing. |
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| vetelmo |
| Posted: Fri Nov 18, 2005 8:45 pm Post subject: |
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Moderator
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| House flipping seems like a "get rich quick scheme". |
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| frusnak |
| Posted: Sat Nov 19, 2005 3:49 am Post subject: |
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CFO
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you can make money at it but you have to be in a really hot realestate market in a high demand area  In my area of florida a $250,000 town house built and bought a year ago at this time is selling for over $325,000  The difference is last year you could sell it in a month now it takes a couple of months or more. Again if you are located in a hot developement it might be shorter  |
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| Vester |
| Posted: Sun Nov 27, 2005 5:33 pm Post subject: |
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Investing Sr. Associate
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Supposedly the inventory of unsold houses is increasing and so is the time between listing and selling it. So the market may not be too good in the future.
Although these house flipping shows show some of the companies making 100k in two-three weeks.
If you had a crew of 6-10 people to help you and could do at least one property a month you could make some pretty good money. |
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| NCSUPAGE |
| Posted: Sun Nov 27, 2005 5:37 pm Post subject: |
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Investing Manager
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Housing markets are volatile this time of the year, but the property values in some parts of the country have skyrocketed this year. Some propertis in Myrtle Beach, SC have gone up 300% this year alone. My uncle does real estate advertising and he's helped sell some of the same houses 3 or 4 times this year.  |
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| raspberry24 |
| Posted: Wed Dec 07, 2005 6:56 pm Post subject: |
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Member of the Month
May
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| I am thinking about redoing my kitchen. It will probably cost 10 grand. Is it worth puttting new cabinets in or should I save the money for the next house? Will it make my house worth that much more. My cabinets are really 70s. I hate them. They are laminent. I have only lived in this house for a year and a half. What does everyone think?? |
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| rodder4hire |
| Posted: Fri Dec 09, 2005 7:43 am Post subject: |
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Investing Manager
Joined: 04 Dec 2005
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| I'd do it - it will only help the value of your biggest investment. |
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| Tdikeman |
| Posted: Sat Dec 10, 2005 9:11 am Post subject: |
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Investing Associate
Joined: 09 Dec 2005
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| the house market will be tricky for a while alot of americans are being laid off fired or just downsizeing expenses but we all know florida california and places where realestate is at a premium buy it up but some house in the hood better with a cd than flippin the slum bums my opinion thanks peace |
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| marketkid |
| Posted: Sun Apr 09, 2006 8:24 am Post subject: |
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Investing Associate
Joined: 07 Apr 2006
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| Can anyone tell me about for-closerd homes? |
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| Benjamin |
| Posted: Sun Apr 09, 2006 8:55 am Post subject: |
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Administrator
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According to a recent article in Money magazine the national average a foreclosed home sells for under appraised value is 15%. However in Los Angeles this is 0% and Cleveland 31%. It really depends on the market.
"In general your not going to get a great discount in a great location."
I found the article online:
Bargain Hunters Beware
As far as where to find forclosures I'm really not sure. Perhaps another member is experienced with this. |
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