Flipping Real Estate: Think Hard!

January 29, 2008 at 12:12 pm | Posted in Uncategorized | Leave a comment
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Many national studies have shown that folks who are trying to make money flipping homes do not fare very well.  An acquaintance of mine recently felt they did not need my services while attempting to flip a house for a quick sale.  Sadly, the tale did not end well.  The person overpaid for the home and failed to get a good inspection.  Before any cosmetic work, the person had to drop over $20,000 on serious foundation issues.  Between them overpaying for the home, the unexpected repairs, and the cosmetics repairs, there was no way they could make any money on a flip.  Sadly, they even ran into problems with  trying to get the home HUD certified for Section 8 Housing.  From the purchase to repairs to figuring they were way over their head, it took them around 12 months to finally get a renter. The rent doesnot even cover their mortgage.  Don’t let this happen to you. Think hard about flipping a home and call me if you need help. The below video is an amusing look at flipping properties.  Enjoy. 

Click Here if you can view the video.

Do you have any tales of flipping a home?

 

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