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The bottom line is that is you are a serious fix-and-flip investor you shouldn't need to ask in the forum - go out there and find the properties yourself. No one who is adept at this is going to share their insight with a total stranger, because it creates competition. All the replies you will receive will be from people who are not currently engaged in fixing and flipping properties, or were unsuccessful at it.
The bottom line is that is you are a serious fix-and-flip investor you shouldn't need to ask in the forum - go out there and find the properties yourself. No one who is adept at this is going to share their insight with a total stranger, because it creates competition. All the replies you will receive will be from people who are not currently engaged in fixing and flipping properties, or were unsuccessful at it.
Uh, what? Of course people are going to ask questions, that's how people learn. Educate rather than humiliate. If one disagrees with another's comment, no need to rake them through the coals.
Nonetheless, I doubt the OP would really want successful tips from a person unsuccessful at flipping (although it is true that we can learn from another person's mistakes). And I would think that a lot of the people who participate on this board are quite adept at their profession and still share their insights with total strangers. Or are you saying that all the Realtors, Developers, Investors, Etc. are simply inept? I doubt you meant that, Tarp, but it came across that way to me.
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Originally Posted by Desdemona123
....as I said in the other thread you posted this in....Not in The Triangle. We don't have a 'flippers' market and flipping is the last thing this area needs.
Really, it depends on the flipper and how well they improve the property. Many a flipper, or any name in the thesaurus that works, have embarked on changing the property for the better when the new owner at the lower unimproved price would not.
And who wouldn't want to live next door to a property that has been fixed up? I'm guessing you were thinking of flippers who perform upgrades to properties that are superficial, don't add value, and drive the price up nonetheless (I could be wrong). I doubt I'd like those type of pugs either.
On the other hand, I don't like homeowners who move in with the ten cars, three boats and excess junk they conveniently park and leave on their front lawns either. Makes for a messing looking environment.
Personally, I'm not ultra-sensitive about the use of the term flipper. I doubt anyone has seen the level I've seen in my past growing up in the west. But it's obvious that a decent number of people on this site do not care for the one's they've observed here in the Triangle. Of course, the arguments, thus far, against flippers have yet to inspire me to lynch one any time soon.
I didn't know "flipping" was such a bad word. Flipping homes is not a bad thing. As far as lower income people, alot of times they don't have the money or the resources to fix up a home once they purchase it so its nice for them to purchase a home that is already fixed up. And just because you flip a home does not mean that the price is going to be over market value. A house is worth what buyers are willing to pay for it.
And just a little FYI, we do plan to move to the area and be part of the community, it just so happens that it is they way that we are able to make a living.
I guess I will look elsewhere for information, rather than asking people who have a major attitude and bias.
I have flipped many houses over the years. Don't listen to them... they have no idea what they are talking about. So what if you aren't going to live in the house and become "part of the community". I have bought some real dumps and transformed them into charming houses that some nice, normal buyers would want to move into. If the other respondents to your post would rather have the eyesores in their neighborhoods stay that way and only attract trailer trash then I would say that those aren't the places you would want to expend your time and effort anyway!
Good luck with your flipping!
I have flipped many houses over the years. Don't listen to them... they have no idea what they are talking about. So what if you aren't going to live in the house and become "part of the community". I have bought some real dumps and transformed them into charming houses that some nice, normal buyers would want to move into. If the other respondents to your post would rather have the eyesores in their neighborhoods stay that way and only attract trailer trash then I would say that those aren't the places you would want to expend your time and effort anyway!
Good luck with your flipping!
I know a guy that moved here from Northern California 2 years ago and him and his wife make a really good living, just flipping houses. He says that they find people that need to get rid of their houses ASAP and that need repair (not too much repair). They fix them up quick and are able to sell them at market value. He makes about $15-$20k a house. I'm not sure how much money he makes, but he and his wife take vacations about half of the year (no kidding) and they have a huge house with new cars. I don't think they have any debt either. I would love to do it, but I don't think everyone can be successful in this type of "business".
Thank you to those of you who have replied with intellegent thought out responses. I was truly looking for some direction, certainly wasn't expecting to stir up a bunch of drama.
I am not going to get into our situation as to why we would move to Raleigh considering the many rude people who are quick to judge on this forum, but to those of you who had helpful responses.... My husband is a builder/developer and I am a Real Estate Broker, although I am not selling right now. We understand how to flip houses and how to evaluate how much money we would make etc... We are coming to Raleigh next week to get a feel for the area and decide if we would want to move there and if so determine if there is potential for us to make some money flipping homes until we were able to sort out if we would stay there permanently.
My main question is what areas are good areas for us to be looking in. Mainly where the real estate does not stay on the market for very long, if it is done nicely and is priced right for the area.
Hopefully if we move there we will have neighbors that are nicer than what I have encountered on this forum.
Thank you to those of you who have replied with intellegent thought out responses. I was truly looking for some direction, certainly wasn't expecting to stir up a bunch of drama.
I am not going to get into our situation as to why we would move to Raleigh considering the many rude people who are quick to judge on this forum, but to those of you who had helpful responses.... My husband is a builder/developer and I am a Real Estate Broker, although I am not selling right now. We understand how to flip houses and how to evaluate how much money we would make etc... We are coming to Raleigh next week to get a feel for the area and decide if we would want to move there and if so determine if there is potential for us to make some money flipping homes until we were able to sort out if we would stay there permanently.
My main question is what areas are good areas for us to be looking in. Mainly where the real estate does not stay on the market for very long, if it is done nicely and is priced right for the area.
Hopefully if we move there we will have neighbors that are nicer than what I have encountered on this forum.
Thank You!
Cary has offered some excellent flip opportunities in the sub-$200,000 range, and when done right, they sell quickly.
One of my favorites, that I couldn't get a couple of people to move on sold at $143K, and will be worth $190K or so when done, fter bout $15,000 in work, depending on what the owner would do, and what would be contracted.
Another sold at $160K and should have been primped to be worth $200,000+/-, but the buyer did a poor job and it didn't approch its potential.
SE Raleigh offers opportunity, but the ARV price point is lower. Still, low end housing in close proximity to downtown Raleigh has good demand.
I had a client miss a deal because he had an inspection contingency that the other party did not require. Both cash offers at the same price.
$70,000 as is. $110,000-$115,000 ARV. Maybe $12,000-$15,000 in repairs, depending on what he would do himself, and what he would contract. But he has the contractors readily available. Three week job, with a decent margin.
They are around.
Other areas in Raleigh offer opportunity, but again, the competition is fierce in the sub-$200,000 range in particular.
It really is a matter of finding and analyzing, and I know you know that...
If you get a home in a good centralized Raleigh/Cary location, you will have good access to many fix/flip opportunities in short drives in various directions.
Good Luck, and......Most people around here are not rude.
There's nothing wrong with flipping as long as you do quality work and don't unload a crappy property with cosmetic changes on to a buyer. That said, everyone should get an inspection, but such things are why flippers have a bad name. When I was going to buy my house from a flipper I got an inspection and found out he basically painted and did nothing that he had agreed to do...backed out of the contract. I've had a bad taste in my mouth for flippers ever since.
I also found in Florida that flippers decimated historic homes, "upgrading" them with odd items, ruining their character. Same flippers could have got a lot more for the money in such neighborhoods if they just said no to the vinyl siding and didn't put a weird bay window in this one craftsman bungalow...anyway it speaks to no connection to the community at all, just greed. Um, no offense.
There are areas of the Triangle that are embracing home renovation and revitalization. There are some neighborhoods near downtown Durham, for instance, that are just starting to bloom. There are some great old homes in that area that are aching to be fixed up & brought back to their former glory.
If I were a professional, I would avoid the term "flipping". Too many amateurs who do superficial "lipstick" renovations have given it a bad name. There are people whose idea of flipping basically involves installing the cheapest stainless steel appliances they can find and slapping some latte-colored paint on the walls. They won't even think about fixing a sinking foundation (a common problem in this area). Those people are the problem. Quality builders with integrity who care about architecture & the safety of the homes they renovate are always welcome.
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