Those were the days when everyone got their hands involved with flipping. Show after show was a flip show. Everyone knew someone who flipped.
I flipped and loved it. My best house was my last. It sold for cash with over 100% profit about 6 months prior to the economic decline, mortgage debacle. The market was ripe and my house sold within only a few months after it listed. I took a break, coincidently, and the market fell apart. Boy, was I fortunate.
Now that the market seems somewhat stable, or at least in Houston, I feel the urge to flip. Knowing what makes a house attractive, knowing how and where to purchase, understanding your competition and knowing your audience are factors to consider up front.
Although many got burned in the past, flipping seems to be making a come-back. In some ways, it’s a good thing to the economy that investors are stepping up to the plate and picking up properties that are owned by banks.