House Flippers?

[Submariner]

Originally Posted by l.wilson

I have 12 rental units and have flipped a few houses. Do you realize the up front costs to even getting into flipping. I have bought a few houses on the court house steps. You must bring cashier check for the entire price of the foreclosed home. Lenders are requiring such an insane percentage down for rental property I thought my lender was pulling my leg. The last flip I did (last year) I didn't make one penney in profit, I did sell and get what I put into it (and was very thankfull) but 3 months of work for nothing. Unless one has a lot of cash to inverst and sit on for a few years, I wouldn't even entertain the idea in this crazy economy.

I agree.

[llowllevellowll]

Originally Posted by goozer

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.

What a foolish comment. Certain areas in the U.S. have come close to bottoming. Where I'm from in Ohio, you can find some decent finds for under $15,000 and even one for $9,000. In certain areas here in California, I expect the experienced to wait it out a bit more - I expect to see it dropping 10-20% more percent. It really depends on where you're looking, but now is the BEST time to start looking into buying or at the very least, learning how to get into the business. You'll have to hold on to your purchase a bit, but if you have the capital to do so, buying now could lead to major fortunes when we're all out of this.