owen beckford, Home Buyer in Newark, NJ

Is flipping houses a thing of the past?

Asked by owen beckford, Newark, NJ Mon Nov 12, 2012

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6
Gina Chirico, Agent, Fairfield, NJ
Mon Nov 12, 2012
BEST ANSWER
Hi Owen,

I don't necessarily think its a thing of the past but I do think it takes careful consideration of all factors in order to make it profitable and worthwhile. Cost of the home vs. the repairs and/or renovations needed and the estimated value of what it would be worth once renovated/updated is a huge factor. If you can't make a profit, there's no value in house flipping. With the value of homes down in many areas, I've seen a handful of homes that can really turn around a profit for an investor. You need to know the area and the market well before flipping a home. If you are not familiar with the area and homes for sale, you need to make sure you have a local real estate agent who is and does know the market well.
1 vote
Thanks for this wealth of information... This is a consideration of mine. I own 3 family house and I've being weighing my options as it relates to real estate investments. Outside of my 9-5 I have a construction company that does small renovation jobs; bath, kitchens, etc... I follow the market closely. I guess the only thing I'm missing is the fearlessness.
Flag Mon Nov 12, 2012
Martha Lucia…, Agent, Union, NJ
Sun Nov 3, 2013
No Never....you need to look for good deals. (They are always out there)
Call your realtor and have them set you up on auto emails so you know when a good deal comes on the market immediately. Auto Emails you will get notified the morning after its listed.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Mon Nov 12, 2012
Flipping will never be the thing of the past, it just requires any "want ta be investor " to be more savy and educated about the process. It's also important that you work with a local real estate agent that is familiar with the market. Some investors have a real estate license only for the purpose of flipping real estate, and they still work with a real estate agent to sell their properties.
0 votes
follow up question... Are all these hard cash deals, or are some being mortgaged and renovated factoring the mortgage as part of the carrying cost? I am looking to buy some property but don't have the hard cash to buy outright...I've worked on many renovations as part of my business, looking to transfer those skills for my personal gain. What do you suggest for someone looking to get their feet wet.
Flag Tue Nov 13, 2012
Laura Feghali, Agent, Stamford, CT
Mon Nov 12, 2012
Hi Owen,
I can tell you that in my market area that "flipping" properties is still quite evident. Investors are purchasing homes at auction or that have already been foreclosed and then renovating them for re-sale.
I believe that "house flipping" activity depends on the market and the amount of buyer activity within that region.

Best wishes to you!

Laura Feghali
Prudential Connecticut Realty
0 votes
Barbara Gran…, Agent, Anaheim, CA
Mon Nov 12, 2012
Hi Owen,

In California flipping is still very popular but done differently than when the market was at it's peak some years ago. Today, many savvy investors are flipping properties that they buy at foreclosure auction. It's a cash proposition and you really need to know what you are doing but there is great potential to make a profit.

Hope this helps.

Barbara Grandolfo
0 votes
Laquita Baez, , New Jersey
Mon Nov 12, 2012
There are many possibe investment opportunities in today's housing market.
Contact me if you would like to discuss your real estate goals further.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes
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