House Flipping? Do You Do It?

Flipping really isn't that hard. Just like business IM, real estate, selling cookies, etc. you need to know what you are getting into and the pitfalls. That's what I'm doing now and would be more than happy to answer any questions. PM me.

sully1975 said:

Be wary of any house missing its copper

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Great advise... my family does a ton of purchases from auctions (not in Detroit, but FL) and this is very common, sadly. I've seen beautiful FL estates stripped down like the scene from the Grinch.

You can get some great deals right now in both Detroit and FL if you do your research. Many great deals are cash-only transactions, but try to avoid taking out any loans (easier said than done, I know). For starting out, I would advise to stick to one city because traveling back n forth from MI to FL will be a pain in the arse... but I'm going to throw this out there: work on your Detroit homes during spring/summer & FL during Fall/Winter. Obviously, this is just for logistic reasons because of winter weather. For Detroit, consider restoring homes back to their original/historical features.. buyers appreciate that & actively search for these homes.

Another quick thought - be ready to deal with paperwork/red-tape like liens.

Also be ready to not have your houses sold withing days, like they do on HGTV. Those shows are pretty scripted. You may end up having to rent it out, but now your talking about becoming a landlord.. and that can be a challenge all on its own (but upside is the monthly income).

Think of property investing rather than house flipping. Good experienced investors hardly ever sell, just buy buy buy...

While this is not for me I do know that individuals can be very successful at house flipping. I know of a person in the town that I live in that has bought several older homes and fixed them up and sold them for a pretty profit.

House flipping is something my parents have been doing for a long time now, they practically live off it. You need an eagle eye, see potential in what you buy and of course make sure your wallet stretches enough, but it's usually not the wallet that matters, but the choices you make.

Tuneblender said:

House flipping is something my parents have been doing for a long time now, they practically live off it. You need an eagle eye, see potential in what you buy and of course make sure your wallet stretches enough, but it's usually not the wallet that matters, but the choices you make.

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Yes this is true. You need to be very knowledgable in the market to know what is going on. And as you have done a few house flips, you will realize that it does get easier.