Flipping Houses

Lipstick on a Pig

Expertise:
155 Articles Written
Who hasn’t had the [tag]rehabber[/tag]’s fantasy? Let’s buy that run-down house, fix it up and make a fortune! The problem is that most new investors venture into this arena unarmed. There is the usual problem of paying too much or grossly underestimating the time or money that is needed, but there is another problem as [...] View the full article: Lipstick on a Pig on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

Want more articles like this?

Create an account today to get BiggerPocket's best blog articles delivered to your inbox

Sign up for free
    Anonymous
    Replied over 11 years ago
    Not everyone gets into a property just to get back out of it with a quick flip. Some of us enjoy buying a property, fixing it up, and renting it out, letting the renter pay a 10 year mortgage (low income neighborhoods still command decent rent payments), and get some satisfaction out of helping to clean up an area rather than letting it sit in decay.
    Connie Brzowski
    Replied over 11 years ago
    We’ve run into a couple of these dogs just recently. My agent called this week to tell us the list price on one in particular had dropped from 65K to 40K. My reply? Until it drops to zero, they won’t get any takers. And that’s no exagerration. Excellent article, Rich– right on point 🙂
    Ste
    Replied over 11 years ago
    I bought my current house as a run down wreck nearly a year ago. I have to say that although we saved thousands of pounds on it, the renovation has been the hardest thing iv ever done, it just seems to drag on for ever and I could never see the end of it. We initially started it in order to find a home big enough that we could afford but now iv finished it and moved in I feel like selling, to be honest im sick of the sight of it!
    Gold Smith
    Replied over 11 years ago
    Hello Everyone! I have had a brilliant property experience; they were true to their word ?Property done properly?. I was impressed as soon as I went on their website http://www.ipbre.com all their country profiles were totally free of charge, and they had over 50 countries, further more the profiles were highly detailed and informative. International Property Brokers offered me a personal service which saved me money, time and effort; making my investment in property cost effective, time efficient and stress free. I was assigned a dedicated Account Manager; a single point of contact for all my property needs, 24 hours a day! They claimed that ?Your Account Manager will support and guide you through the entire process, and answer any questions you may have?. I found that promise hard to believe, but they were true to their word, they advised me in all the aspects of my potential sale and purchase for both properties in the UK and international property developments .
    Gold Smith
    Replied over 11 years ago
    Hello Everyone! I have had a brilliant property experience; they were true to their word ?Property done properly?. I was impressed as soon as I went on their website http://www.ipbre.com all their country profiles were totally free of charge, and they had over 50 countries, further more the profiles were highly detailed and informative. International Property Brokers offered me a personal service which saved me money, time and effort; making my investment in property cost effective, time efficient and stress free. I was assigned a dedicated Account Manager; a single point of contact for all my property needs, 24 hours a day! They claimed that ?Your Account Manager will support and guide you through the entire process, and answer any questions you may have?. I found that promise hard to believe, but they were true to their word, they advised me in all the aspects of my potential sale and purchase for both properties in the UK and international property developments . Reply Report comment
    Gold Smith
    Replied over 11 years ago
    Hello Everyone! I have had a brilliant property experience; they were true to their word ?Property done properly?. I was impressed as soon as I went on their website http://www.ipbre.com all their country profiles were totally free of charge, and they had over 50 countries, further more the profiles were highly detailed and informative. International Property Brokers offered me a personal service which saved me money, time and effort; making my investment in property cost effective, time efficient and stress free. I was assigned a dedicated Account Manager; a single point of contact for all my property needs, 24 hours a day! They claimed that ?Your Account Manager will support and guide you through the entire process, and answer any questions you may have?. I found that promise hard to believe, but they were true to their word, they advised me in all the aspects of my potential sale and purchase for both properties in the UK and international property developments . Reply Report comment
    Gold Smith
    Replied over 11 years ago
    Hello Everyone! I have had a brilliant property experience; they were true to their word ?Property done properly?. I was impressed as soon as I went on their website http://www.ipbre.com all their country profiles were totally free of charge, and they had over 50 countries, further more the profiles were highly detailed and informative. International Property Brokers offered me a personal service which saved me money, time and effort; making my investment in property cost effective, time efficient and stress free. I was assigned a dedicated Account Manager; a single point of contact for all my property needs, 24 hours a day! They claimed that ?Your Account Manager will support and guide you through the entire process, and answer any questions you may have?. I found that promise hard to believe, but they were true to their word, they advised me in all the aspects of my potential sale and purchase for both properties in the UK and international property developments . Reply Report comment
    Gold Smith
    Replied over 11 years ago
    Hello Everyone! I have had a brilliant property experience; they were true to their word ?Property done properly?. I was impressed as soon as I went on their website http://www.ipbre.com all their country profiles were totally free of charge, and they had over 50 countries, further more the profiles were highly detailed and informative. International Property Brokers offered me a personal service which saved me money, time and effort; making my investment in property cost effective, time efficient and stress free. I was assigned a dedicated Account Manager; a single point of contact for all my property needs, 24 hours a day! They claimed that ?Your Account Manager will support and guide you through the entire process, and answer any questions you may have?. I found that promise hard to believe, but they were true to their word, they advised me in all the aspects of my potential sale and purchase for both properties in the UK and international property developments .
    Gold Smith
    Replied over 11 years ago
    Hello Everyone! I have had a brilliant property experience; they were true to their word ?Property done properly?. I was impressed as soon as I went on their website http://www.ipbre.com all their country profiles were totally free of charge, and they had over 50 countries, further more the profiles were highly detailed and informative. International Property Brokers offered me a personal service which saved me money, time and effort; making my investment in property cost effective, time efficient and stress free. I was assigned a dedicated Account Manager; a single point of contact for all my property needs, 24 hours a day! They claimed that ?Your Account Manager will support and guide you through the entire process, and answer any questions you may have?. I found that promise hard to believe, but they were true to their word, they advised me in all the aspects of my potential sale and purchase for both properties in the UK and international property developments .
    rick marnon, brighton
    Replied over 11 years ago
    This is taking place with my cousin. She bought a rental that I advised her not to purchase, because the asking price was too much to be able to flip it. She did not listen and now she needs to ask too much rent for the area the home is in, so she can’t get renters to cover what they owe, and they cannot sell the home easily, due to the amount of money owed. I wish that she had listened, but people sometimes have to learn things the hard way. I am a fan of this post. Potential investors need to read this.
    Merry
    Replied over 11 years ago
    Hello everybody, Of course, you are very right. Cutting expenses according to your budget is so much important.
    Teresa
    Replied over 11 years ago
    Imagine if you’re into buy-beautify-sell business. Truly profitable.
    bdurfee
    Replied over 11 years ago
    “Another common problem is that the renovations far exceeded the neighborhood standard and now the price is way too high.” I’ve seen this happen so many times. Usually the cheapest houses to buy for flipping are in distressed neighborhoods. If you’re not careful, you can price yourself off the market. Another great article and time for me to sign up to your feed! Thanks.