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Kirsten
LIF Toddler
Member since 5/05 485 total posts
Name:
Kirsten
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Looking to do a flip
So if anyone see anything that they think would be good for me to flip, please let me know. I am only looking to do cosmetic work not total re-construction.
TIA
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Posted 7/24/06 3:53 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Looking to do a flip
Have you done this before?? I only ask because the market is very unstable and prices seem to be coming down a little - even if you get a great deal, if you are only doing cosmetic work you may not make all your money back.
FH and I are househunting and can spot a flip a mile a way, and we wont buy one.
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| Posted 7/24/06 4:20 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Looking to do a flip
Posted by Meaghan729
Have you done this before?? I only ask because the market is very unstable and prices seem to be coming down a little - even if you get a great deal, if you are only doing cosmetic work you may not make all your money back.
FH and I are househunting and can spot a flip a mile a way, and we wont buy one.
I was going to say the same thing- I don't think now is the best time- the market is soft and personally I don't want to pay for someone elses renovations right now-
I see tons of flips sitting on the market for over a year- and I bet the people are losing tons
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| Posted 7/24/06 4:28 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Looking to do a flip
Not really a good time to do a flip - Unless you get the house really cheap for the area - Someone on my block just did a flip and is in the process of selling it. He bought for $369k - gutted the inside and redid the outside and is now asking $489k within 2 months of closing on the property, but I think it is going to take a long time to sell. There is no driveway...The grass and the landscaping is not done, and there is no garage.....Plus the taxes are $9400 on the property. There are two other houses on the block that have been for sale from 6months to 2 years in the high 450's to $460's and they are just sitting.
So what I am trying to say is I would wait to see what happens with the market. The best time to do a flip past - that would of been last summer...Now the houses are sitting...The mortgage rates are going up, and a lot of people arent buying now....They are expecting the prices of houses to go down in a few months...
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| Posted 7/24/06 4:29 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Looking to do a flip
Posted by Meaghan729
Have you done this before?? I only ask because the market is very unstable and prices seem to be coming down a little - even if you get a great deal, if you are only doing cosmetic work you may not make all your money back.
FH and I are househunting and can spot a flip a mile a way, and we wont buy one.
We’re also not interested in flips. A lot of the work done in flips is shoddy and not up to code.
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| Posted 7/24/06 4:30 PM |
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Kirsten
LIF Toddler
Member since 5/05 485 total posts
Name:
Kirsten
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Re: Looking to do a flip
Thanks everyone for the advise. I guess i will reconsider in a few months and see how things go.
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| Posted 7/24/06 4:46 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Looking to do a flip
I agree with other posters - I dont think right now is a good time to be speculative on the market. you could end up losing a lot of money. THere are a ton of things to consider when doing a flip.
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| Posted 7/24/06 4:52 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Looking to do a flip
there's a show called "flip that house"- i forget what channel it's on.
I would say 99.9% of the time the people that are doing the flip always underestimate the time it will take to flip and the costs to update. One guy made like 10k for a flip that took him like 3 months. He wanted to make 40k- but it took him 2 more months and $$ more than he anticipated.
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| Posted 7/24/06 4:57 PM |
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