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Has anyone ever "flipped a house"?

Like on t.v. when you buy a house, fix it up and sell it. Did you actually make money on it? Was it worth it? Would you do it again?


Asked by Anonymous at 10:02 AM on Jan. 2, 2010 in Money & Work

This question is closed.
Answers (4)
  • If this is something you're interested in, this is prolly a once-in a-lifetime opportunity. I did that in the 80s in that economic crisis. I bought 'distressed' properties for pennies on the dollar. For an example, I bought a duplex for $17,000. Put maybe $4000. into repairs, rented it out for two years, then sold it for $51,000. It's worth triple that now. The reason I sold, was so I could buy another property. - A trailer park. I now own two trailer parks, and I've recently been buying condos and houses in Las Vegas, and Florida. I started out with 3 duplexes in Austin that I paid a little more than $60,000. for all three.
    Unfortunately a lot of people are losing money like the in laws of the other post. I feel terrible for them and wouldn't wish it on anyone, but while some are losing, others are making.

    Answer by hatinnd at 1:24 PM on Jan. 2, 2010

  • My in laws did this on a regular basis back before the economy crashed. They got stuck with several properties, however, that they ended up losing out on when everything went south.

    Answer by Anonymous at 10:09 AM on Jan. 2, 2010

  • My sister does this. But she buys mobile homes. She hardly ever pays more than a few thousand for them. She puts a couple more thousand in it if needed at all and ask the buyers for 5000 down and takes monthly payments. Thinking about this now I don't how much money she really makes but she does. I know a few people have actually paid her cash for one. Like almost 20,000. Most likely "hot" money but it's money I guess.

    Answer by cherrera5 at 3:55 PM on Jan. 2, 2010

  • We just did it and it worked. Bought the home for $33,500. Put in $24,000 in repairs. Sold it for $94,000. After paying Realtor commisions, closin gfees on the house twice (paid buyers too), and a few other things, we made $23,000. We are then taxed about 24% on that income. It was highly stressful and you REALLY have to know the market. We hit gold with this one, but I've been looking for another for about 9 months and can't find it. We made a few offers, but nothing has worked out. In my town there's a few people that do this for a living, so they have the connections to know about homes way ahead of me... so I loose out.

    It was soooo stressful, and we put so much cash out... I'm not too excited about doing it again though. We'll see. It's really a gamble.

    Answer by Anonymous at 10:29 AM on Jan. 3, 2010