Partner With Guy To Flip Houses?

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5 COMMENTS

  1. House flipping is a terrible idea right now. I met a girl at a real estate investors meetup who was using this strategy: borrow money from a loan shark at 19% interest for down payment (illegal) buy single house, renovate and turn into duplex. Find 2 renters. Flip renovated duplex pre loaded with tenants to property investor looking for zero hassle purchase and vetted renters already moved in. Yes, this does increase the value of the property a lot. That is, If you don't default before you can flip it and Pay back the loan shark. house flipping is for people that HAVE money and can afford mistakes, and can afford to hold for a while if the market tanks. And it is very time and labor intensive. If you don't have lots of capital don't play with fire.

  2. I know Dave is against going into DEBT PERIOD. But when it comes to flipping, wouldn't borrowing money be a beneficial factor. Leverage. Take a $100,000 house. You make a $10,000 down payment and mortgage the rest for $90,000. Renovate and sell at a higher price, say $150,000 minus repairs. You make around $30,000 from your $10,000 investment. But Dave is 100% right. Repairs, closing cost, realtor commission, title search, etc will eat up all of your commissions. Flipping is good if its simple, cost effective, and its a seller's market. Otherwise in my opinion, the profit margins isn't worth the debt (acquisition debt) acquired. Depressing.

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