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Flip That House : Swingers Discussion 56125
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TOPIC: Flip That House
Created by: SandJinVT The original post for this thread was deleted.
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"House Flipping " is becoming less and less attractive right now for several reasons depending on where you live and the present market in your area. Purchasing for investment is risky right now due to the trend towards a buyers market. Second, to offset capital gains you must own the home for one year and a day before you can flip an investment property (one bought n purchased for rental investment). If it is a residential property that YOU live in, you must hold it for at least two years and a day. Increasing interest rates and lack of buyers is making house flipping a poor choice right now. It's best to research the area you would be buying in and checking on current sales and how long houses are sitting on the market. If homes are turning over in 55 days or less, you might have a good chance, but what about a year down the road? Right now many folks who bought in last year thinking they'd flip before that big baloon payment came due are getting stuck with rising interest/payments and no buyers. You'll be seeing more foreclosure over the next two years because of it. And beware of buying forclosures. Banks are not in the habit of giving away houses anymore by auctioning under appraised value. They will refuse the offer before undercutting themselves. I would tend to wait a couple years before buying to flip. And if it is a house that needs lots of work, keep in mind that the cost of reconstruction is going up, up and away along with everything else. Research and caution should be your allies in such a venture right now.

Palm Beach Gardens FL
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Sand J the worst part about what happened here , was the houses that were sold decietfully were sold through HUD, and were dealt through banks etc dealing w/ HUD, it was like a big insider trading deal, and when things fell apart etc, the people who got hurt the worst were those who bought thier first home, etc those who really couldnt afford such a thing to happen, and of course you know what the banks did? they helped those poor souls out and forclosed on most of the properties again and resold them. we dealt w/ some of it through our work and it was not a fair end to say the least

Burlingham NY
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a few years ago we had a few local agents who got togehter with a couple of morgage brokers who had an ideal scam where as the were buying houses really below market value ( they were all in really poor shape as well), well the whole deal was aided by a appraiser who was in cahoots in giving inflated appraisals. well all was fine until the agents sold rolled the properties to people who had no clue. in the end several agents lost thier licences homes as well as a few ended up w/ jail sentences

Burlingham NY
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There's been plenty of feedback talking to the risk vs. profit - you have to figure in what you are willing to risk.

I for one do not like their term 'flip' since in our area, this was being done by investors that would undercut older, less educated or troubled homeowners 'buying' row houses for about 10k, and 'flipping' it back onto the market the next day/week for 50-60k. It sounds cheap, but in the inner city, these are troubles houses, and they were severely stealing from both parties, and often the final buyers were not getting what they paid for, and at higher than normal interest rates. Oh yeah, there was no improvement done.

The TV show troubled me because it actually started airing while we saw these reports on the news. I think it could have been termed better "renovate this house" comes to mind...

My wife and I thought about buying an older home years ago, but then came children. I've worked for someone doing additions to homes in the past - not easy to live in 24x7 , so we decided a nice 'finished' home was better for us at the time. In the long run, I cannot see putting that much work into fixing up a house only to get rid of it. Maybe because I've only lived in one house I've owned. If it were my only business, and I was not looking to live there, I could probably get behind it.

Good luck in renovations!

Reisterstown MD
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there are many valid points that have been hit on . I think the main thing that eveyone looking to entertain this concept is , that one should really have the finances to be able to back up what you are trying to accomplish. for as there are many fine points but from the working end of any type of construction aspect be it new construction or exisiting , is that there is always a chance for overruns , or hidden problems , that could eat away from ones ability to afford such an endeavor. we have done this in the past , from both sides of the project from owner to contractor , and I prefer to be on the contractor end of it , it isnt a bad idea but it is not as simple as seen on TV,

Burlingham NY
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flipping property is a great way of making fast cash, you have to make sure its a sellers market not a buyers market. Location is very important, what you have to do to the house to make it profitable to flip is another. Such as buying a house , installing carpet ,paint and tile the bathroom. Easy to flip property like this and make a substancial profit.The more you have to put into a home to meet your code requirements the less profit you will have. We defintiely suggest that you hire people in the trades to inspect the home rather then a home inspector.This may cost you a grand ,but can save you thousands of dollars in the long run. Example. home inspector willl look at your plumbing. see if the water heater is working ,a trades person will tell you how old it is not that it is just working.A trades person will try to fill up a septic tank if you have one to check to see if the drainfield is working. Home Insepctors will check to see if everything works in the house and walk away. Make sure that your able to hold onto the house your flipping if it suddenly does become a buyers market.Its pretty easy to check out the market by going into the multiple listings in your area for the past few years. Right now where we live its a buyers market.To many homes listed with less buyers.

Sarasota FL
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TOPIC: Flip That House