this is the last question i will ever ask on this topic i promise, flipping houses?

Question

is it realistic to make a profit if the market is going up slowly

and is it realistic to make a profit if you buy forclosure homes and flip them?

Answer 1

Yes you can....

I am in the "flipping" business and yes I make good money! But its takes hard work and a lot of patience and having your own money/capital.....People who take out loans and have no capital can get into real trouble because of carrying costs.....You have to know not only how to buy, but how to sell.....You have to make your home set apart from all others in the neighborhood....I have a back ground in interior design and use many creative and inexpensive ways to dress a home....I have to do a lot of shopping to find the best deals....It takes a lot of leg work and even Internet shopping....But the finished product sells quickly and for top dollar....I have to constantly look at my budget and my contractors to make sure they are doing what I have asked.....I have to constantly watch the market and see what direction it is heading and know it like the back of my hand....I even have to do some of the dirty work, like paint and scrub floors and toilets....To finish the project on time....Its hard work but very rewarding....And as someone said, its not easy money, but hard and rewarding work....

Answer 2

Yes it is realistic, and possible as well as probable. It really doesn't make any difference if the market is going up or down. You have to do more homework today though. You can't just go out and buy something and hope to flip. You need several things to be successful.
1. A good estimate on what the property will cost.
2. A good estimate on how much it will cost to bring it up to standards>
3. A good estimate on how much the property will sell for.
4. A good estimate on how much a construction loan is going to cost.

After looking at that information you should have a good idea on if you will be able to make a profit.

Answer 3

It is realistic if you buy right, and have a bulletproof plan.

I suggest living in the homes if you do not have the capital to let them sit on the market for 6 months.

You must buy them cheap and have great financing in order and have a great work crew who will work fast, and have a great realtor who will give you a discount etc etc.