House Flipping and "Flippernation"If you haven't caught this online series on the ups and downs (mostly downs) of flipping houses, you should. In fact, house flipping may be the "blood sport" of the day, as people try to make that elusive quick buck. If you believe that house flipping is easy and will get you to the income of your dreams, you should especially see this series.
First of all, it's funny. Personally, I prefer my moral stories with a bit of humour and a lack of pretentiousness. There is real entertainment value in watching our two hapless heroes try to negotiate the murky waters of real estate as a business. The characters could be the guys down the street who have just gone into house flipping because they want to make a million.
Second, the series highlights some of the challenges with house flipping. Is your real estate agent giving you good advice, or is she in for a quick buck too? Is your contractor gouging you or doing good work at a fair price? Is your mortgage specialist putting you into a loan that will work best for you, or get the best commission for him?
These are all good questions.
In the real world, there are signs of a housing glut, and house flipping is losing its shine. However, if you are still interested, be sure to check out my post on mistakes to avoid. Be prepared to buy and hold, and buy a value property with that in mind.
Need a mortgage? With the current market, avoid exotic mortgages! (Get a good solid mortgage that can help keep your costs down and will protect you from a surprise hike in interest rates.) You can save time by doing some of your research online. Check out some of our sponsors while you do your legwork.
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