2007-12-10 01:50:48 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The market is great for buying right now,not for selling so I would.It might take a few good months for you to be able to put it back on the market after you fix it,but yet it's worth it.
2007-12-10 01:56:00 · answer #1 · answered by brownsugarbr02 2 · 1⤊ 0⤋
All the flipping shows on TV have brought a flood of people into the flipping market, which is driving up the price of prospective properties.
In my area, there are too many homes on the market that people went in with the intention of flipping. They either ran out of time, money, ambition (all 3?) and had the house repossessed or gave up to put it on the market as is.
Flipping houses is not for the inexperienced or faint of heart. It takes alot of knowledge of homes, the market and construction. If you can do most of the work yourself rather than relying on contractors, that will help.
2007-12-10 04:31:03 · answer #2 · answered by godged 7 · 1⤊ 0⤋
It's definitely possible to do this. As a suggestion, I would plan on buying, fixing up, then keeping for a period of time. Some lenders will not lend on a home that was sold within a certain time period previous - maybe 3 - 6 months. Call a lender first and find out if that applies.
Make sure you do your budget well so you don't over price yourself.
It's the best buyer's market in years, in many areas, so now is a great time to buy - if you buy right!
2007-12-10 02:27:38 · answer #3 · answered by trblmkr30 4 · 1⤊ 0⤋
No yet. I've been flipping houses since I was 19 (1970).
This market is no where near bottom and you can't price a house as prices are sliding. You can't rely on comps as they are based on past sale prices, which continue to erode.
When the market stabalizes, Its a good time. When prices and units sales have remained steady for 6 months or so, it's time to look.
The real question is can you sell what you buy? What are similar houses selling for? Again, at least in Florida markets it's hard to tell.
2007-12-10 02:04:54 · answer #4 · answered by Anonymous · 2⤊ 0⤋
you make your money when you buy and you get paid when you sell. It 's all in the budget, IMHO the best time to buy is in the dead of winter like JAN and fix it up in FEB and March then put it on the market early spring so you have the SEASON.
2007-12-10 02:04:50 · answer #5 · answered by zocko 5 · 1⤊ 0⤋
if you want to be in bankruptcy court with the thousands that had the same idea
2007-12-10 02:02:07 · answer #6 · answered by Anonymous · 2⤊ 1⤋
We all are! Get in line!
2007-12-10 01:54:42 · answer #7 · answered by Star T 7 · 1⤊ 2⤋