Question:
“I’d like to start buying, fixing and flipping houses. Lots of people making are making big bucks doing it. Do you know any good houses I could buy?”
Answer:
Sorry, but that train has pretty much left the station.
When values were rocketing up and foreclosures were plentiful, I’d tell you to jump right on the train.
But here’s what’s working against you now:
– Prices have flattened
– Few fixer-uppers are hitting the market now
– You’d compete with sophisticated groups who pay cash, close in a week, and fix far cheaper and faster than you or I can
– Those groups work on thin margins, so they can outbid you
– They’re rarely hurt by bad projects due to detailed analysis and quantity—one loser is offset by profits from many winners
So I’m not saying it’s impossible to make money now fixing and flipping houses. But it’s definitely difficult.
