Flip That House Disclaimer

I just saw an episode of Flip That House for the new season. The interesting thing was that they showed a disclaimer before the show. It said that flipping houses could be risky. Really? They just figured that out now?

Edited: 06/26/2010 at 04:38AM

Eric Foster

Real Estate Investor · Portland, Oregon

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Feb 02 '08, 11:21 AM

Originally posted by "Rehab702"

I ... they showed a disclaimer before the show. It said that flipping houses could be risky...

Flipping houses is risky?

O brother... They must have been sued... That is funny!

You would think people would realize that it is just a "TV" show, and "maybe" it has been edited, simplified, and dramatized for effect and ratings...

Edited: 06/26/2010 at 04:38AM

Jared Christiansen

Real Estate Investor · Fort Wayne, IN

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Feb 02 '08, 09:07 PM

LMAO! You mean house flipping isn't easy?

Edited: 06/26/2010 at 04:38AM

Eric Foster

Real Estate Investor · Portland, Oregon

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Feb 03 '08, 01:10 AM

House flipping is by far the hardest way to invest... Maybe, tied for first for the riskiest too!

And like most this is were people new to investing usually start when they get into the business...

As I see it, the problems are...

Cash requirements, funding, time consuming, stressful, delays, contractor problems, delays, unexpected problems, costs overruns, increased holdings costs, stress, managing the project, frustration, lack of control, more delays, more costs overruns, more delays, more costs overruns, and more holding costs... And more stress!

I am not saying it can't be done... It Can! I do it... But, often ask myself the question "Why"?...

I think they call it flipping because your are always on the verge of "Flipping" out...
:shock:

Edited: 06/26/2010 at 04:38AM

Maricela Lugo

Real Estate Investor · Houston, TX

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Feb 06 '08, 09:44 PM

Originally posted by "EricFoster"

I am not saying it can't be done... It Can! I do it... But, often ask myself the question "Why"?...

Absolutely!
Basically you need to make sure what are are you buying. Buy low, make sure the house has as little cosmetic work (something you can turn over quick) have handyman experience and do it yourself. Make sure to beautify landscaping. And have buyers ready to buy immediately.

Edited: 06/26/2010 at 04:39AM

Jared Christiansen

Real Estate Investor · Fort Wayne, IN

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Feb 06 '08, 09:46 PM

I got into house flipping because I thought it was fun! Plus incredibly profitable if you know what your doing. I'd love to end up flipping 50+ houses a year, obviously not doing the work myself, but overseeing the flips. High risk high reward right???? :D

Edited: 06/26/2010 at 04:39AM

Matthew Mucker

· Ft. Worth, Texas

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Feb 06 '08, 09:49 PM

Originally posted by "BlueStarHomes"

I got into house flipping because I thought it was fun! Plus incredibly profitable if you know what your doing. I'd love to end up flipping 50+ houses a year, obviously not doing the work myself, but overseeing the flips. High risk high reward right???? :D

Not really. High risk, high potential for reward.

If you were guaranteed the reward, it wouldn't be risky!

Edited: 06/26/2010 at 04:39AM

Jared Christiansen

Real Estate Investor · Fort Wayne, IN

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Feb 06 '08, 09:53 PM

You know what I meant... :lol:

Edited: 06/26/2010 at 04:39AM

Cyrus Uible

Real Estate Investor · Charles Town, WV

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Feb 06 '08, 10:11 PM

I have to admit that I couldn't take the risk involved in flipping houses. Did it for a couple years, but eventually moved to long term rentals. I miss the big check paydays, but the long term growth is quite satisfying.

Edited: 06/26/2010 at 04:39AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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Feb 06 '08, 10:17 PM

Brilliant! Looks like the lawyers have definitely had to jump in here!

Edited: 06/26/2010 at 04:39AM

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John Robertson

Real Estate Investor · Los Angeles, CA

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Feb 07 '08, 12:18 AM

hahaha, excellent!

http://www.youtube.com/watch?v=6NvZS3ajugo

That's one of my favorite moments, too bad the recording quality isn't higher. Like one of the video's commenters, I also wonder if it was staged.

edit: hm... just read the forum rules, is this an acceptable use of a url in a post?

Edited: 06/26/2010 at 04:39AM

Jared Christiansen

Real Estate Investor · Fort Wayne, IN

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Feb 07 '08, 12:56 AM

Armando... what a man! Somebody when I grow up I want to be just like him! :mrgreen:

Edited: 06/26/2010 at 04:39AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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Feb 07 '08, 01:02 AM

Originally posted by "DrJohn"

edit: hm... just read the forum rules, is this an acceptable use of a url in a post?

Absolutely! Great link, BTW!

Edited: 06/26/2010 at 04:39AM

John M.

Real Estate Investor · Rancho Cucamonga, California

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Feb 07 '08, 10:32 AM

Never even heard of that show until now, is it worth watching or is it just for entertainment purposes?

Edited: 06/26/2010 at 04:40AM

David Arney

· Raleigh, NC

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Feb 07 '08, 07:49 PM

Armando is such a huge tool, I would never buy from that guy ever.

I do admit he's a keen businessman though. Ruthless

Edited: 06/26/2010 at 04:40AM

Lynn Z

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Feb 09 '08, 07:44 AM

The last episode of Flip That House is a redo up the street from me. The guy has had a for rent sign since he's had the house for sale. Nothing happening.
It is purely entertainment.

Edited: 06/26/2010 at 04:40AM