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How to make money flipping homes
Posted by: freeradical
Date: July 11, 2018 10:35AM
Has anyone else been hearing lots of advertisements about how-to seminars on this topic?

It makes me wonder if housing meltdown 2 is coming.
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Re: How to make money flipping homes
Posted by: Steve G.
Date: July 11, 2018 10:53AM

Does not work well in Japan.
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Re: How to make money flipping homes
Posted by: Buck
Date: July 11, 2018 10:55AM
Flipped houses have a "high risk" reputation because of unscrupulous handymen covering up serious problems with pretty finishes. If you want to be a flipper, please do it right.

I'm a fan of Mike Holmes' shows, and it's amazing how much crap he uncovered.
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Re: How to make money flipping homes
Posted by: 3d
Date: July 11, 2018 10:56AM
Been seeing house-flipping seminar ads and waiting on the meltdown in my area for +10 years now. I'm starting to wonder if I missed the boat procrastinating.
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Re: How to make money flipping homes
Posted by: chopper
Date: July 11, 2018 11:11AM
My kid bought 3-5 homes when the market was at the lowest.

He had renters in them to cover the payment and the bills for 3-4 years or more.

He's been selling one home every six months now. One of the houses is just a general ranch on a decent street/neighborhood. He bought it for $62k, insurance put roof and siding on it after a hail storm.

He sold it for $199k. There were multiple offers. This one was a cash buy.

It's crazy.
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Re: How to make money flipping homes
Posted by: Carnos Jax
Date: July 11, 2018 11:11AM
Ditto 3d. I think this particular ad is a bunch of snake oil salesmen that use the same ad track, just changing around the city names. House flipping by the competent has always been a viable business, and at times very lucrative. These so called seminars being advertised are probably useless and just a way to capitalize on the gullible.
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Re: How to make money flipping homes
Posted by: NewtonMP2100
Date: July 11, 2018 11:12AM
....flipping off.....houses.....??



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Re: How to make money flipping homes
Posted by: Lux Interior
Date: July 11, 2018 11:28AM
You can make a lot of money charging for seminars on how to make lots of money.

One well-known person even founded a "university" based on such.
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Re: How to make money flipping homes
Posted by: 3d
Date: July 11, 2018 11:42AM
Quote
Lux Interior
You can make a lot of money charging for seminars on how to make lots of money.

A seminar on how to do a seminar to make money.
Wait a minute...
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Re: How to make money flipping homes
Posted by: ztirffritz
Date: July 11, 2018 12:38PM
I've been hearing that for quite a while. Since 2012 at least. Then again, there's probably some truth to it in my region. In Seattle area you can't buy a decent home for less than about $750k and people frequently offer OVER the asking price and real estate is going up 12-14%/year. Let that sink in. It's crazy. You buy an 800sf home for $750,000 rent it out for 12 months to cover the mortgage, then sell it in 4 days for $850,500. In Yakima, the 'poor' side of Washington, home prices have gone up, but not that much. Seattle has rising demand and falling supply. The result of that equation is skyrocketing home prices. If you're not earning at least $80k/year in Seattle, you're not going to get very far, you won't be able to save much money for retirement, and you're probably just barely getting by. Because supply is so short, people in Seattle are trying to flip homes elsewhere to make a buck. The result is that I've had several unsolicited offers for my home (that's not for sale) that were reasonable offers but not enough to make me pickup and move. So it seems that people are buying 'weekend' homes in Cle Elum, Ellensburg, Yakima for $200,000 that would be $1.5million in Seattle. Then they live in a shoebox 5 days/week while in Seattle.


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Edited 1 time(s). Last edit at 07/11/2018 12:39PM by ztirffritz.
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Re: How to make money flipping homes
Posted by: cbelt3
Date: July 11, 2018 01:15PM
I know a number of people that do this sort of thing as a side business. The basics:
1- they are VERY handy/capable people and already own all the tools.
2- They do a majority of the work themselves (or with a partner).
3- They rent the property out and then sell it when the market rises enough.
4- This is not their day job.
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Re: How to make money flipping homes
Posted by: clay
Date: July 11, 2018 01:33PM
buy low, sell high?
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Re: How to make money flipping homes
Posted by: TLB
Date: July 11, 2018 01:37PM
I'm in Podunk, nowhere Midwest and the average time from listing to sale for residential single family homes is 6 days. In my 25 years here I have not seen the practice of bidding above asking price but it is now quite common. Our shortage is simply no turn over-- decent job market and very reasonable cost of living-- folks buy and stay put until retirement.
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Re: How to make money flipping homes
Posted by: mrbigstuff
Date: July 11, 2018 01:38PM
[fun107.com]


Sign of the times, you say?
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Re: How to make money flipping homes
Posted by: Steve G.
Date: July 11, 2018 02:49PM
Q: What's the new Canadian national anthem?


A:
Quote
clay
buy low, sell high
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Re: How to make money flipping homes
Posted by: pdq
Date: July 11, 2018 02:57PM
I'm afraid the only way to end up with a small fortune in the real estate market at this point is to start with a large fortune.

Good luck. You'll need it.
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Re: How to make money flipping homes
Posted by: Filliam H. Muffman
Date: July 11, 2018 03:06PM
Realize that the flipping shows are generally at least a year behind the actual market. It really depends on what the local foreclosure market is like. Most areas that are growing have flipped all the voreclosed houses were dumped in the 2007-2010 crash.

I had a chance at an amazing house but declined because the bank had hidden a whole house plumbing problem (along with a possible long term mold issue) and I didn't know a plumber in that county that I trusted to bid and complete a job like that promptly. The person with the second highest bid flipped it in five months and sold it for about 85% profit.



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Re: How to make money flipping homes
Posted by: billb
Date: July 11, 2018 03:31PM
The house two down the street that has sat vacant owned by the bank since 2010 or so finally sold. Whoever bought put it in a dumpster and is building new.
Not much on the market around here right now.

Years ago they used to advertise how to get rich flipping houses on late night/early morning TV. I did it, you can too. Let me show you how. Just three easy payments of XXX. Hurry as there are limited seats and there aren't many left.



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Re: How to make money flipping homes
Posted by: hal
Date: July 11, 2018 03:46PM
A nice young couple bought the kinda rundown old house next door right as the first housing bubble burst, but they knew what they were doing. They turned a very medium average home into one of the nicest in the area - a very highly sought area within an easy bike ride of Downtown Sacramento (HUGE gov't district). They turned a 200K home into a wonderful $700k home - took about 8 months. He had a fulltime job and she a partime job - their off time was working on the house. I was impressed!
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Re: How to make money flipping homes
Posted by: BernDog
Date: July 12, 2018 10:06AM
Ask yourself this question when considering any kind of seminar like this: If (this thing) is so lucrative, why are these people wasting their time giving these seminars instead of doing (this thing)?
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Re: How to make money flipping homes
Posted by: Carnos Jax
Date: July 12, 2018 11:17AM
Exactly....whenever I hear their commercials I kept thinking, if it’s lucrative they’d be doing it (and keeping the knowledge) to themselves.
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Re: How to make money flipping homes
Posted by: raz
Date: July 12, 2018 12:57PM
No. You've got it all wrong.

These folks have made their nut, and now they're giving back. The cost of the seminar barely covers that of the meeting space and handouts.

How dare you denigrate these selfless entrepreneurs?



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Re: How to make money flipping homes
Posted by: RAMd®d
Date: July 12, 2018 04:07PM
I've been hearing that for quite a while. Since 2012 at least.

Around here it's been an advertising staple on my news-weather together station. I don't know if it went as far back as with z, but it's been quite a few years.

Solar has been getting big in the ad game on the same station, and one guy seems to have incurred a bad rep. I don't now if it's deserved.

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The Seminar Dynamic has always made me laugh. 'I'm going to teach you how to get rich! To the first 50 callers...' That really gets a laugh.

Self-help, self-improvement seminars, I understand. They don't really provide either, but the presenter can't really make money on the practice alone. The preaching is needed to pay the bills.

But a seminar on flipping houses? 'I'm too rich from this, so I'm going to teach you how to do it to, so you too can be rich like me! The entry fees are to pay the custodial staff.'




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