How Do You Feel About House Flipping?

Discussion in Mortgage & House Payments started by novasparker • Aug 24, 2012.

  1. Bolt

    BoltWell-Known Member

    Joined:
    Aug 6, 2012
    Threads:
    179
    Messages:
    1,009
    Likes Received:
    6
    In England we call it property developing. It can be a very profitable business to be in but you need knowledge of the markets or you will lose money. My brother and I considered getting into property developing but we soon realised it was a lot more complicated than we first thought.
     
  2. ACSAPA

    ACSAPAWell-Known Member

    Joined:
    Jul 10, 2012
    Threads:
    52
    Messages:
    3,093
    Likes Received:
    240
    That is so cool. I wish I had the money and business sense to do something smart like that. It's probably better for the tourists to have a kitchen and the comforts of a private home rather than an overpriced hotel room. Your friend has a good mind for business.
     
  3. Ryder13

    Ryder13Active Member

    Joined:
    Nov 8, 2012
    Threads:
    3
    Messages:
    153
    Likes Received:
    0
    Of course when you get a high number of people playing the house flipping game,
    then all it does is drive housing prices up into the ridiculous. It is a bit different if
    a buyer takes a property and does a real bit of
    renovation work on it.
    Turns a piece of crap into a presentable house. That is fair but just the pure
    speculation just drives house prices up. The practice added to the real estate bubble that burst in 2007 - 2008. It was not the only reason but it did play a part.
    Ryder13
     
  4. ACSAPA

    ACSAPAWell-Known Member

    Joined:
    Jul 10, 2012
    Threads:
    52
    Messages:
    3,093
    Likes Received:
    240
    I love those house flipping shows. They're so addictive. I love to see how they turn a total hovel into a nice home. There's a lot of creativity involved. I can basically waste a whole Saturday watching those shows.
     
  5. ChanellG

    ChanellGActive Member

    Joined:
    Aug 23, 2012
    Threads:
    11
    Messages:
    710
    Likes Received:
    36
    There are people who have turned flipping houses into a career and that's great for them. The problem is that sometimes it can screw up the market for everyone else. Most often flippers buy cheap, do the minimum amount of work on a property and then resell it for way more than what they paid for it. I think if someone wanted to buy and restore properties because they were into doing that, it would be a much better endeavor.
     
  6. Plinko

    PlinkoMember

    Joined:
    Nov 7, 2013
    Threads:
    21
    Messages:
    78
    Likes Received:
    1
    I don't have a problem with those that want to flip houses, but the house prices in my area are exploding. I bought this house in April, and houses around here are going for nearly double what I paid. I'm not sure what's causing the sudden boom, I am just glad that I bought this place when I did.
     
  7. fancy

    fancyMember

    Joined:
    Mar 30, 2013
    Threads:
    4
    Messages:
    62
    Likes Received:
    0
    As I know it house flipping involves purchasing a home that is in need of repair; making the repairs; sprucing up the property; and selling the home within a short period of time definitely craving to make a profit. This is thus a great way to make extra money. I have a friend who does house flipping and as he mentioned he always make $10000 for each property. I think this is great and I may enter into it soon.
     
  8. Treadlight

    TreadlightMember

    Joined:
    Nov 30, 2013
    Threads:
    2
    Messages:
    26
    Likes Received:
    0
    Something like this isn't really dependent on the market. You have to think local needs in order to make money flipping. If you buy a house in a bad neighborhood that no one will want to move into, it doesn't matter what the house the looks like. It won't sell.
     
  9. ExpertAdvice

    ExpertAdviceActive Member

    Joined:
    Sep 5, 2014
    Threads:
    181
    Messages:
    635
    Likes Received:
    46
    Great post @Novasparker! love it! In my opinion, as a certified Real Estate personnel, I can attest that house flipping works,and it works most certainly in where I live, Jamaica, several Doctors and Lawyers will buy a house(a fixer-upper) in an upper middle class neighborhood, add to the house,make it look really nice and when it is complete, the value of the house doubled! some choose to sell, while some choose to live in them, in truth and in fact, I know of several upper-middle class neighborhoods in the country where I live which has been completely transformed to an upper income neighborhood based on the fact that the houses there were really added to( fixed up), so house flipping in my view can and still works, but you have to know how to and when to do it, and you also have to be very careful of over adding to your home- if you over add, you may not be able to get a good valuation on your home to suit what you had spent on it.
     
Loading...
Similar Threads - Feel House FlippingForumDate
Buying A House To Let.Mortgage & House PaymentsJan 14, 2017
Found A House, But Would Like Some Opinions!Mortgage & House PaymentsMay 24, 2016
Did You Get Pre-approved For A Home Loan Before Looking For A House?Mortgage & House PaymentsOct 14, 2015
Portable School Classrooms For Sale: House ExtensionMortgage & House PaymentsMay 17, 2015