2007-03-28 16:34:46 · 2 answers · asked by Steve 1 in Business & Finance ➔ Renting & Real Estate
Yes! If you know what you are doing....
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.....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 toliets....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.... If you follow this formula you will do great, as I have!
2007-03-28 17:45:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes and no. Right now home prices are way down so if you can buy a property pretty cheap and hang on to it rent it out etc...may be a better idea than flipping. Home prices are bound to go up again and then you can sell.
2007-03-28 23:40:25 · answer #2 · answered by mom of twins 6 · 0⤊ 1⤋