Friday, October 18, 2013

Wanna Be a Dare-Devil House Flipper?

We all know there have been a lot of flips in the market over the last few years. Homes bought for really dirt cheap, rehabbed, then sold for profit. Most of those seemed to be the below 300k range homes. Bought for a little over 200k, kitchen, baths, painting done (hardly ever the landscape though), then resold for just a smidgen under 300k. Yep saw quite a few of those.

Now, it appears, the higher end market has been a little more primed for house flipping. Think Million Dollar Listing Los Angeles. And, for the last couple of months, out here in the bedroom community of Santa Clarita, the market over 700-ish was pretty stale. I do, however, see it picking up a bit again.

So, let's say you want to make more than 25k. You want to make 500k, well how about just 150-200k? You will need to find the higher priced flippable (is that a word?) home.

And, yes, they are out there. They are being aggressively approached as well. The house flippers are sending letters, making calls, popping e-mails to the owners and agents for those stale 700-ish homes to see if they want to sell for cash.....for significantly less than market value.

Surely they have been able to convince a few, more than a few likely, home owners to take the bait.

Look for some to come back on the market. Expecting them in the Spring of 2014.

But if you want to be that Dare-Devil as well be prepared to cough up some major cash, have a huge investment....and be financially able to hold for the next few months.

Are ya that kinda person?

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