Updated over 5 years ago on . Most recent reply
I keep seeing this happen!
I would like to make a public service announcement for new flippers in Cleveland...or anywhere else. Please, for the love of all that is good and holy, do not buy houses to flip from out of state without professional assistance! What looks like a flip to you on zillow, could be a well-photographed shack in a D- neighborhood that will sell in 200 days after you've invested your hard earned, hard money $10,000 (plus purchase price) to bring the property value up to a whopping $46,000. My guess is that this does not sound like a good deal to anyone here.
Can someone tell me why people are doing this? I would think it should be obvious that some sellers will say ANYTHING to offload their problem properties. They throw them up on the web and raffle them off to the first out-of-towner who comes along looking to strike it rich in the old rust belt. Smh. Friends, please, don't trip over dollars to pick up dimes trying to avoid paying for help finding a decent deal.
Let us pause for a moment of silence as we consider the opportunity cost of all that wasted capital!
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Oh boy, don't get me started. It makes me so sad and so mad.
But, that old saying about a fool and his money are soon parted shows that this isn't anything new. That was in the bible.