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If you don't know anything about the business, now is DEFINITELY not the time to get in to flipping houses. Experienced house flippers are getting pummeled by the declining housing market right now. No need to jump in as a novice. I halfway think your post is a joke because I cannot imagine that anyone living in the U.S. is not aware of how bad the housing market has gotten. To make money flipping houses, you would be best off doing it in a robust market.
Actually now is the best time to buy, but a bad time to sell. If you can afford to hold onto several properties until the market improves you could make quite a bit of money. WHen the market is hot is not the time to buy, but the time to sell.
100% Agree that now is the time to buy if you plan on sitting on it for a while. Flippers usually want something they can slap some cosmetics on and re-sell in a very short time frame from what I have seen. I am looking at a couple long term project houses right now because the price is so low right now and with some improvements (some major) in a few years they will be worth MUCH more than they are offered for now. Great locations, great views, very solid but run down houses.
If I was in this business, I'd wait a little while longer. Prices will be dropping for a bit longer. But of course, who can call the bottom and be right.
Markets here in the NE still haven't fallen all that much. Inventory is just accumulating. The most difficult RE to sell right now is mulifamilies because many have negative cash flows at current asking prices. High energy costs, age, and maintenance neglect make these investments hard sells.
Now is not a bad time to buy a single-family fixer-upper if you plan on living there. You might be able to negotiate a good deal.
I saw a home in Lafayette Park in St. Louis that's 3 BR for $10k. I'm guessing it's basically the shell, but other homes in the area that are 3 BR may sell for $250k-$300k or more. So, if you want to fix it up and hold on to it for a little while, even after factoring in the cost of a gut rehab, you could make some money. Or if you plan to live in it you could save some money and be able to pick out the interior designs you prefer.
So, now is a good time to buy, fix up, and live in a place. As far as selling, maybe not so much.
100% Agree that now is the time to buy if you plan on sitting on it for a while. Flippers usually want something they can slap some cosmetics on and re-sell in a very short time frame from what I have seen. I am looking at a couple long term project houses right now because the price is so low right now and with some improvements (some major) in a few years they will be worth MUCH more than they are offered for now. Great locations, great views, very solid but run down houses.
Not sure about this flipping business, but buying property right now is a good move financially. Regardless of the housing market, property values will always go up. During the Great Depression many people took advantage of the cheap property at the time and then saw themselves become over-night millionaires when it was over (these people also kept their stocks as well).
I saw a home in Lafayette Park in St. Louis that's 3 BR for $10k. I'm guessing it's basically the shell, but other homes in the area that are 3 BR may sell for $250k-$300k or more. So, if you want to fix it up and hold on to it for a little while, even after factoring in the cost of a gut rehab, you could make some money. Or if you plan to live in it you could save some money and be able to pick out the interior designs you prefer.
So, now is a good time to buy, fix up, and live in a place. As far as selling, maybe not so much.
The difference is that you can't depend on that house selling in the narrow time frames that most flippers operate on. You have to be prepared to live in it for quite some time if need be. Also, that is basically reconstruction and urban infill. Flippers usually don't like to get into actual projects.
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