How much of "house flipping without cash" is true?

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   dianetrotterposted 11 years ago

   How much of "house flipping without cash" is true?
   
   HGTV has enjoyable shows on house flipping.  The internet is inundated with "pay for" and a little "free" advice on house flipping.  What can we believe?  What is your experience?  Should  retiree flip houses to make a livable income?

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   Lisa HWposted 11 years ago

   I don't have experience with it, but some version of "that stuff" has been around since my husband and I were paying attention to things like that (decades ago).  Exactly whose approach is what approach can be a little different, but I really think a person needs to have a certain type of personality to do some of those things; and I think the region may make a difference.   The real estate market in, say, Detroit is a whole lot different than the real estate market in Boston, or in a lot of the suburbs not far from it.
   
   Also, I once saw "a thing" on, I think, Nightline about a young guy who did really well following one or more of "those program", but then he ended up in some horrendous, legal/financial disaster.
   
   My guess is that SOME of those techniques/approaches can/do work for SOME people, but I think people need to really be careful about understanding their own nature, their own ability to invest the kind of/amount of effort needed, the realities/nature of the real-estate market they'd be looking at, etc. etc.
   
   Obviously, since it's not something I'd do I can't offer more than my own reasons for not doing it (or at least that I have my own reasons for not doing it).  I just know that some of the stuff they tell people to do is stuff I'm not about to do for one reason or another.

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      dianetrotterposted 11 years agoin reply to this

      Thank you for your response Lisa.  I don't have the nerve to knock on someone's door to discuss them losing their home.  That could be dangerous!

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   LandmarkWealthposted 11 years ago

   I would be real careful with such a suggestion.  I have dealt with some investors who have made quite a bit of money doing this.  But first of all you have to be highly liquid in a financial sense in the event that you can't turnover the property as quickly as you expected and get stuck with the maintenance costs.  You also want to be very experienced in real estate to make sure you are properly accessing the value of what you are buying and what your costs will be in terms of any renovations.  Anyone who has ever done an addition to a home knows how easy you can run into cost overruns.  And obviously if you choose to do a lot of the work yourself, the project is much more cost effective and plausible.

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      dianetrotterposted 11 years agoin reply to this

      HI Landmark, I'm spending a lot of time research and asking questions.  My cousin has done well flipping and I walked through 2 houses that he is working on this past Sunday.  I'm learning a lot from him.  My cousing said the same things you are sayi

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