Is this good advice I got at house flipping seminar?

[Patrick Philip]

I was told: don't buy anything older than 1970, nothing with wood exterior, no small houses, nothing that needs major renovation like added or converted rooms because it takes too long and lowers your ROI, nothing without a garage and master bedroom. Try to stay as close to 4/2 as possible. Nothing less than 3/2.

[Charlie MacPherson]

@Patrick Philip That's an awfully broad brush your gurus are painting with.  

Older than 1970?  I'd love to hear their reasoning.  My town was settled in 1620.  There are plenty of solid houses here that are VERY old.  People buy them, sell them, renovate them and rent them.  Every day.  If they has said before 1978, I could at least guess that they're trying to avoid lead paint.

Of those homes, I'd guess that 80% of them have some sort of wood exterior.

Small houses?  It depends on the local market.  Plenty of small houses around here make great summer rentals, as we're an oceanfront community.  If you're in a market where older folks are downsizing, smaller (sub-1,500 sq ft) homes are exactly what buyers are looking for.

4/2, 3/2 as minimums?  Again, that varies greatly by the local market.  Downsizers won't want 4 or possibly even 3 beds.  Many first time buyers won't be able to afford them - but both are likely to snap up a 2/2 or a 2/1.

Needing renovation?  That's how fix & flippers make their living.  Not to mention those that fix & rent.  If you can buy a home needing renovation at the right price, why not?

Lots of homes are sold around here without a master suite and without garages.  

I think your gurus are missing the mark as generalities often do.  I hope you didn't spend too much on them!