how is the market for flipping a house now?
@scorpio808dee (6)
United States
June 23, 2007 3:09pm CST
I just started watch "Flip this house" and I am very interested in doing it. I found a house in the orange county, ca that is small enough for a quick fix and maybe a good profit. The neighborhood is safe and close to schools and the mall. But everyone says it's not a good time to buy a house. What would you do? Would you just go for it and live there til the market is better or would you wait for another house to come up and the market value is good?
1 person likes this
2 responses
@winddrinker (28)
• United States
23 Jun 07
It would depend on how you finance the property, what comparable houses in the area are selling for and how much time and money you would have to put into the property to make it attractive to a new buyer. Rising interest rates will be having a negative effect on potential buyers. If a property is well priced it will probably sell but the market is also about to be flooded with foreclosures as adjustable mortgages adjust upward.
Another thought, repairs almost always cost more and take longer than you expect. If you don't have some home repair exertise it may not be your best investment option.
FYI did you see the article about one of the house flipping personality's shows being pulled for misrepresentation?
@scorpio808dee (6)
• United States
25 Jun 07
Thank you. Yea I don't have any expertise in flipping properties. I guess it is going to be harder than it may sound and look. Oh by the way what was that article about? And do you know if considering to look at foreclosures would be a better option?
@scorpio808dee (6)
• United States
25 Jun 07
Thank you. Yea I don't have any expertise in flipping properties. I guess it is going to be harder than it may sound and look. Oh by the way what was that article about? And do you know if considering to look at foreclosures would be a better option?
@winddrinker (28)
• United States
25 Jun 07
Here is a link to the article http://biz.yahoo.com/ap/070601/house_flipper_investigation.html?.v=1
