I agree with Denise. Flipping homes in general is probably not a good idea. In Joliet, especially.

Absolutely not!! There are 709 properties currently on the market under $300,000 dollars. If your looking to buy in the area then you have a wonderful selection. If you are looking to flip in this area then you are one of many wonderful selections.

It is a great time since it is a buyers market if you can get the house at a flippable price in which you will make money. You just have to be aware of your rehab construction cost and what the market is saying the neighborhood you are a buying in will bear.
Bottom line, is know your bottom line.

I think doing a real estate flip anywhere at anytime is very tricky. Always leave extra room in your budget and stick to your plan. When it is all done you have to be able to get it sold fast. That means it would be best to price it a little below market to help get it sold fast!

It's always a good time to flip but just remember you must buy at the right price and sell it at the right price. If you get greedy the market will fight back. Also buy in area's that are desirable to buyers even if you pay a little more it is always worth it. Nothing ever is a bargain if no one wants to move there.

Have you ever done this before or are you a newbie? Being a flipper or real estate investor takes some knowledge. The best sources of knowledge are reading up on the subject for a general understanding and seconly join a real estate investing club in the area. Meeting up with 20-300 investor in a night is invaluable. I've been attending local meetings for over 2 years and it's priceless.

Let me know if I can be of any help if you are looking to buy investment property or if you are a homeowner needing to sell. I ama local Joliet investor.

I would also advise you to start getting some real estate knowledge. The best place I know is the millionaire systems site. (yes Keller Williams hosts it) Start listening to the interviews. You can even call in if you want. I would start exploring the site and get a feel for things to see if real estate investing is for you. I also recommend the book flip

Buyers can negotiate their commission with agents. When the agent is paying a referral fee, the agent has less to negotiate with. Simple math.

The key is understanding that commissions are negotiable.

I don't agree at all that flipping is over for now. In fact, I see the right flips (location, materials, etc) as the houses that are going quickly as opposed to owner occupied homes that need lots of work. Buyers don't want to do a lot of work these days. So savvy flippers can buy a house, get it on par with buyers' expectations and ma a bit of profit for their "sweat equity". Now, it is true that flippers should not expect to buy a house, slap a little paint on and charge a huge mark-up.
Also, it is true that when a Realtor offers to help with a referral, they will likely get a referral fee from the referred agent. However, buyers do not pay their buyer's agent a commission, so the referred agent would have no ability to negotiate a commission with the buyer. The referred agent is paid whatever commission the listing agent offers on the house the buyer selects. The referred agent would just then share a small percentage of that set commission with the agent who gave the referral. Now, when the flipper has done the work and then chooses to list the house with the Realtor they were referred to, they then have the ability to negotiate a listing commission and the original agent who gave the referral is no longer due a referral fee. So in a nutshell, a referral in this situation does not limit a consumer's ability to negotiate with the other agent.

No, it's not. The days of flipping are basically over for a while.

Also, when a Realtor suggests helping you out with a referral, be aware that Realtor may be getting a referral fee from the agent you're referred to. That often results in the agent having limited ability to negotiate with you on commission. If you're serious about flipping, you'll need to watch every nickel, and agent fees are more than nickels.

I wouldn't eliminate the idea entirely. But I would suggest that you be VERY picky about what and where you rehab. Location, Location, Location is particularly important in this market. It's no secret that the market is tipped in favor of buyers. There are a lot of homes available for sale and market times are longer than we've seen in years. However, houses that are priced right and in a desirable location are still selling. My advice is to speak with a local Joliet Realtor (I don't work in that area but would be happy to refer you to someone) about market conditions, what areas are selling and what price ranges are selling. With that information in hand, search for a house to flip. Be choosy about location, floor plan, yard etc. And be realistic about how much you can afford to put into the house, how much work is required to make it desirable for buyers (buyers are very savvy and shy away from shoddy rehabs) and how long you can afford to hold the property.