Soulstation1 Posted March 5, 2007 Report Share Posted March 5, 2007 (edited) anyone ever tried this and made money?? i've been watching those shows on the tube Edited March 5, 2007 by Soulstation1 Quote Link to comment Share on other sites More sharing options...
Jim Alfredson Posted March 5, 2007 Report Share Posted March 5, 2007 You have to know what you're doing. If you've never owned a house before, then I don't recommend it. Quote Link to comment Share on other sites More sharing options...
Guy Berger Posted March 5, 2007 Report Share Posted March 5, 2007 (edited) You have to know what you're doing. If you've never owned a house before, then I don't recommend it. Even if you have owned a house before, I wouldn't recommend it. For >99.9% of people, this is a really bad idea. opportunity cost Guy Edited March 5, 2007 by Guy Quote Link to comment Share on other sites More sharing options...
Jim Alfredson Posted March 5, 2007 Report Share Posted March 5, 2007 Well, I know that I personally know so much more about what to actually look for, inside and outside, than I did when we bought our current home, which is our first. That show is hilarious because these people get totally in under their heads and then just throw money at the problem. Where they get this money, I have no idea. Quote Link to comment Share on other sites More sharing options...
Soulstation1 Posted March 5, 2007 Author Report Share Posted March 5, 2007 MNA HTOSE HOT CHICZ WTIH ARMANDO IN SNA ANTONYEO Quote Link to comment Share on other sites More sharing options...
marcello Posted March 5, 2007 Report Share Posted March 5, 2007 First, you have to live in a rapidly escalating market for this to work. Second, you have to have cash ( or a credit line to cash), to be able to jump on a property fast. I saw the last show and I think it's the first time those boys didn't make a truck load of money. They do shoddy assed work too! I love it when they spray a little chemical on the termites and then cover them up with a pre-finished wood floor. Quote Link to comment Share on other sites More sharing options...
Son-of-a-Weizen Posted March 5, 2007 Report Share Posted March 5, 2007 I love it when they spray a little chemical on the termites and then cover them up with a pre-finished wood floor. Oooooooo that does sound like a 'neat' little trick. Never heard that one before. Did that actually happen to you or did you see it on a show? Quote Link to comment Share on other sites More sharing options...
Dan Gould Posted March 5, 2007 Report Share Posted March 5, 2007 (edited) As noted above, you have to have a rapidly escalating market to pull this off, or else you have to find an under-priced fix-up that you can do a decent a job on and gain that missing value back on the resale. Here in Florida, with the real estate market still "cool", for many of the idiot investors, they are still carrying their last deal, and possibly the biggest problem for the market is the fact that they are reaching the end as far as carrying that mortgage goes. So they are dumping those properties, and its hurting legitimate sellers. My Mother-in-Law has had her house on the market for quite a while. First at $390,000, now at $360,000. The problem is, even if she gets a buyer at that price, there are "investment" properties near her that have gone for $270,000 or $300,000, which will make getting an appraisal to support the selling price potentially difficult or impossible. Edited March 5, 2007 by Dan Gould Quote Link to comment Share on other sites More sharing options...
marcello Posted March 5, 2007 Report Share Posted March 5, 2007 I love it when they spray a little chemical on the termites and then cover them up with a pre-finished wood floor. Oooooooo that does sound like a 'neat' little trick. Never heard that one before. Did that actually happen to you or did you see it on a show? I saw that on the last show. These guys are hacks. Take it from a professional (builder that is, not hack!). Quote Link to comment Share on other sites More sharing options...
connoisseur series500 Posted March 5, 2007 Report Share Posted March 5, 2007 They do shoddy assed work too! I love it when they spray a little chemical on the termites and then cover them up with a pre-finished wood floor. This kind of crap turned me off while watching the shows. It blows me away how they were able to attract people to purchase the "fixed up" home who knew the condition of the home prior. These guys haggle down any contractor in order to preserve their high margins. At the same time, you can bet that the so-called repair work is second rate as the contractors were chiseled down unmercifully. I don't want anything to do with a "fixed up" home! Quote Link to comment Share on other sites More sharing options...
Sundog Posted March 6, 2007 Report Share Posted March 6, 2007 anyone ever tried this and made money?? i've been watching those shows on the tube I've done it a few times. You definately need to know what your doing and have a bit of a "war chest" of cash to cover those unpredictable circumstances. You better have a personality and mindset that isn't paralyzed when forced to make quick decisions (you'll be forced to make many). Conversely, you also need to do your homework. I would get up every Saturday morning and make the rounds through neighborhoods that I was interested in (listings help but only so much). I did it religiously for 7 months before I found the first candidate that met all my criteria. The next few went a lot quicker, but by then I knew these neighborhood markets very well. I stopped three years ago and took the proceeds to buy rental property that I'm holding onto long term. The days of buying low, painting the interior, and selling for 10K profit are over. There is a lot less margin for error these days with interest rates up, and a glut of sellers. Proceed with caution! Matter of fact, IMO your better off investing in vintage guitars (at least in the short term). Quote Link to comment Share on other sites More sharing options...
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