Flipping houses 2024

[Luis Morales]

New investors or people who are getting into the game ask me

"Is flipping properties still a good business now?"

It will always be a good business if you get the deal at the right price. Your profit is made on the Buy, not when you sell it

Do you agree? What do you think?

[John Karg]

Absolutely, if the numbers don't work then don't force the deal. These days, there's a lot less deals that work as flips than before. 

John

[Bob Stevens]

Quote from @Luis Morales:

New investors or people who are getting into the game ask me

"Is flipping properties still a good business now?"

It will always be a good business if you get the deal at the right price. Your profit is made on the Buy, not when you sell it

Do you agree? What do you think?

 Its ALL about pricing. Also, wealth is built not flipped, HOLD every two or three you do. Biggest mistake of my life was not holding 50 or so more of the 500 I flipped, HUGE mistake 

[Luis Morales]

Quote from @Bob Stevens:

Quote from @Luis Morales:

New investors or people who are getting into the game ask me

"Is flipping properties still a good business now?"

It will always be a good business if you get the deal at the right price. Your profit is made on the Buy, not when you sell it

Do you agree? What do you think?

 Its ALL about pricing. Also, wealth is built not flipped, HOLD every two or three you do. Biggest mistake of my life was not holding 50 or so more of the 500 I flipped, HUGE mistake 

 Thank you for the insight and wisdom Bob, you are right, better hold now than regret later!

Best

[Shawn Parsh]

Luis,

Agreed, it is always a good time to flip if the numbers are right. I like to flip some and hold others for rentals. You are correct that your money is made when you buy, however, inexperience can ruin otherwise good deals. Even if you buy a property right you can lose potential profit by not managing the rehab effectively. If it takes too long to complete, mistakes are made, the wrong people are hired, money is put into repairs that do not pay off and so on you can lose money. 

I have known a lot of investors over the years that buy a house to flip and then start lining up the work after they own the property. Yes they usually still make money, but they would have made more if they had everything lined up before the closing and the work started the day they closed on the property. 

[Bill J Fay]

Absolutely agree! All about the buy and executing your gameplan. So much headache can be avoided if you have the correct spread.

[Luis Morales]

Quote from @Shawn Parsh:

Luis,

Agreed, it is always a good time to flip if the numbers are right. I like to flip some and hold others for rentals. You are correct that your money is made when you buy, however, inexperience can ruin otherwise good deals. Even if you buy a property right you can lose potential profit by not managing the rehab effectively. If it takes too long to complete, mistakes are made, the wrong people are hired, money is put into repairs that do not pay off and so on you can lose money. 

I have known a lot of investors over the years that buy a house to flip and then start lining up the work after they own the property. Yes they usually still make money, but they would have made more if they had everything lined up before the closing and the work started the day they closed on the property. 

You are absolutely speaking facts, I have an investor who I helped with a property and his contractors didn't pull permits to fix a fire damaged house!! 

Now he's 70k in rehab in and has to redo the work all over again, can you imagine? God bless him and help him to get out of that situation