do you think its a good idea to flip a property in southern california?

Answer 1

Only if you're prepared to get stuck with the house in case you cannot sell it.

Answer 2

There are two major problems with flipping property.

1. Consider the market trend. What prospects does the housing market offer that you'll be able to sell the property? What is the price trend? Can you afford to pay for the property assuming you have to hold onto it for a few months?

2. Flipping homes alerts the IRS. You can count on an audit if you do this more twice per year, and the IRS is not an agency you want breathing down your back.

Answer 3

I see where people answer this question no, don't flip properties now because of prices. These same individuals will be sitting on the side line wondering what happen during the good times also, because they will always find an excuse not to invest.

Investing is investing. Do you tell a person that invest in stocks and bonds not to invest because there is a bump in the market?

Well the same holds true with real estate investing. The smart investors and those that have mastered their trade will continue to invest in flippers.

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store and purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase. You might also find a few listed in your public library.

You might also purchase one of the TV guru's programs. In the program you will find several things of interest. You will find script to use on potential individuals that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to use the formula.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers out ling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighborhood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 housed per month to buy and flip, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

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Answer 5

Right now is not a good time because there is an 800% increase in foreclosures in California compared with last year. 900 Californians are losing homes each week which brings down the equity in the neighborhood.

Answer 6

it would have been a few years ago but the market is real funny now. so unless you are very handy and grab a fixer that you upgrade yourself, i wouldn't