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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?

 
Anonymous

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.
    hatinnd

    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.
    Anonymous

    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.
    cherrera5

    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.
    Anonymous

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

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