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House Flipping

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  • House Flipping

    Has anyone here purchased houses to fix up and then resell them at a higher price? I've heard a lot about this and am considering doing something like it in the future. Is it worth the work and stress?

  • #2
    I know people that have done this and sometimes it works out and sometimes it ends up being more work than first anticipated. I can tell you right now because of the market they have stopped doing it for a few. Their afraid that the house will just sit on the market and they will end up losing money.

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    • #3
      Your timing has to be perfect to really make money. It isn't as easy as it seems because if a contractor holds you up, you're holding the mortgage and making those monthly payments and there's nothing you can do. I've done it but not in the current market. There are so many people into flipping now that I wouldn't attempt it!

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      • #4
        Thanks for the advice. It looks like I'd have to do a lot of research and careful planning for this to work out right. It sounds quite risky.

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        • #5
          Chris, it can be risky. It has great rewards but the research and planning is a necessity. Pays to really research neighborhoods or areas that you plan to speculate on too. There are a lot of secrets you can dig up just online.

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          • #6
            If you ask me it is all about the timing, the neighborhood you buy in and like the above poster said contracters that can deliver results on time.

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            • #7
              flipping houses

              This is one thing I have always wanted to do. But am afraid of to try it. Everyone say's now is not a good time to do it. They say the market is not stable enough.

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              • #8
                In my area, I wouldn't attempt it at the moment. Sales are too weird to depend on what might happen by the time you do a renovation!

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                • #9
                  There are some areas around here where flipping houses is quite popular. Some people are successful. However if you don't carefully plan you can quickly be over budget and find that you do not make a very good profit.

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                  • #10
                    Yeah. This is really risky in my opinion. Keep in mind that prices of houses don't always stay the same and they fluctuate from time to time. You also need a buyer, which isn't really guaranteed.

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                    • #11
                      house flipping is when you buy a house and then sell it usually without doing any work to it

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                      • #12
                        Not necessarily. It can also mean buying one and quickly doing a remodel for upgrades. You do it quickly so you aren't out any more mortgage payments than necessary.

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