Can I still flip a house and make money?
Can this still be profitable in today’s market? I am located in sacramento, CA. Me and a few investors/friends of mine are interested in buying a house to flip and resell. We have done a lot of research, and believe we can get a excellent deal on a house needing fixing. But is anyone making any money flipping houses in today’s market? Thanks!
My previous landlord was a house flipper and he had to get out because the market is so terrible.
It’s a buyer’s market.
So it’s a excellent time to buy property when there are so many vacant on the market.
It is NOT, but, a excellent time to sell. So, unless you are financially able to hang on to the property, by keeping it rented, or can afford to use it as a tax enter-off, until such hesitating time that the market takes a turn… I wouldn’t recommend it.
sure i do no not mind waiting for a year of so to resale
YES
real estate will never die… Upgrade cheaply and sell for porfit.
All needs a roof under their heads and trust me some people get hefty raises at work so they will afford it.
Probably but you’d have to be damn excellent. I would not want to be just starting in that business in today’s market. Do you have remodel experience? We are currently working on a flip but we’re dependability a slow “live-in” flip and in no rush to make a few bucks. We are confident once the market turns we’ll get a excellent amount out of it, but I wouldn’t have a crack it right now. A year ago houses were selling within a week on the market, sometimes for $50-$100K over asking. Now they sit for months and months despite the prices being dropped each few weeks. It’s really not a excellent time.
What ever you can set your mind to do positively; it can happen.
And I recommend you watching the movie “The Secret” or reading the book “Law of Attraction” by Esther and Jerry Hicks. They are fantastic tools to help with reaching one’s desires.
I am an executive at a major bank that I cannot name but we are worldwide and use over 120,000 people. That said, I have been involved in not only the repercussions of today’s market but also the rules and regulations that made it happen.
I cannot condone them, and I did not make it so, but I am one man. I can only act ‘voce persono’…
I no longer deal in personal SFR’s but I do know that this market is not one in which you want to “flip” housing.
Banks do not want flips. In fact GSE guidelines disorder that no secondary market loan will be bought or securitised under MLS of 6 mos. or less.
If you intend to own the property for less than 6 mos I advise to look for confidential financing. Otherwise, it is not wise at this juncture.
That is all I can say other than I wish you the best in your endeavors.
Terrible sides: All the TV shows that tout flipping have driven up the price of prospective homes, which cuts into profits. Buyers are asking for alot of concessions, cutting into profits. Homes are sitting for alot of days on market, cutting into profits.
This isn’t the time to flip.
Some REOs/Bank Owned/Foreclosure Homes are at fantastic percentage under market value. I would say if you find a property that a bank wants to get rid of and hold it until market starts to climb you may be able to get a excellent deal. You can also find a property in an area that holds excellent market value that has been run down. Fix it up and flip it for a decent return. Some home-buyers want a turn key home. Its the diy people that want the discounted homes. So its hard to say because it depends on how much you want to make in the property for the return. A group of friends as investors is fantastic start, just make sure your team crunches the numbers to be satisfied on the return your team may receive. Overall, yes you can still profit in today’s market just be careful on the property you hold and the area in which you hold. Need more help on properties. Question.