Anyone with experience in this department? Thanks!
2007-01-24 03:08:56 · 12 answers · asked by bradxschuman 6 in Business & Finance ➔ Renting & Real Estate
It can be, but it is a very chancy thing - there is no guarantee that you will be able to sell the property for a profit, so you could lose money. It is best if you have a large cash cushion and have connections with people with experience.
2007-01-24 07:42:49 · answer #1 · answered by Chic 2 · 0⤊ 0⤋
It could be if you are in the right situation and are lucky also. I attended an expensive training course on that subject taught by some of the big names in that field. They were great speakers and the people in their anecdotes were all rolling in profits. However when I looked up some of the things they talked about and went to some foreclosure auctions and banks it was not as simple as just holding a bucket and waiting for someone to dump hundred dollar bills into it. At that point it occurred to me that there are people who do find it lucrative but that they are making their money by selling training courses and reference materials to wannabes.
2007-01-24 03:18:03 · answer #2 · answered by Rich Z 7 · 0⤊ 0⤋
Not for the people who bought at the height of the housing market - I think we have some ways to go at least 5-7 years before prices reach where they were. If you have the extra money it can be a good decision - but you better know what you are doing. You should already know contractors - have them lined up the last thing you want to do is drag out the renovation process = mortgage payments = less profit. If you have never attempted a flip then don't do it.
2016-05-24 04:15:01 · answer #3 · answered by ? 4 · 0⤊ 0⤋
A few years ago, absolutely. There were REO's everywhere. Today there is a lot more competition making the margins much lower. And the other huge difference is that the market was rising and it would cushion your mistakes. Today the market is stagnant or down, meaning no cushion for surprises.
2007-01-24 03:17:37 · answer #4 · answered by hebb 6 · 0⤊ 0⤋
Yes, but keep in mind that with the economy the way it is, you should make sure you can afford to own a property longer than you might plan on.
2007-01-24 03:13:19 · answer #5 · answered by Catmmo 4 · 0⤊ 0⤋
Yes, If you know what you are doing. You should research your market and how quickly real estate is selling. You do not want to get a property you are not able to sell.
2007-01-24 03:15:27 · answer #6 · answered by daisygirl 3 · 0⤊ 0⤋
my brother tried but found out rather quickly that most of the "good" homes are taken up by the banks themselves. the only decent homes that will offer a profit after rehabbing them...are gone...if not to the banks or lender their attorneys or someone they know will always have first dibs....sorry,,,you can see whats out there and decide for yourself..good luck
2007-01-24 03:13:41 · answer #7 · answered by Suzy 5 · 1⤊ 0⤋
yes. talk with a Loan Officer that works these in the state you are looking, http://www.choicefinance.net/foreclosure-listings.htm
2007-01-24 03:59:26 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes. Provided you know what you are doing
2007-01-24 03:11:44 · answer #9 · answered by Harry 3 · 1⤊ 0⤋
yes, but you need to do so when the market is doing well, usually late spring/summer.
2007-01-24 03:12:34 · answer #10 · answered by MiniME 3 · 0⤊ 1⤋