Flipping a house in GR

[Kayak1]

O.K. planeteers, I have been approached about purchasing a house in GR and flipping it. I am trying to find the best area of GR to do that and was also wondering if there are any grants from the city to rehab homes. Any info or advice would be great. I have never done this before and I am a little leary. Thanks in advance.

[Nitro]

O.K. planeteers, I have been approached about purchasing a house in GR and flipping it. I am trying to find the best area of GR to do that and was also wondering if there are any grants from the city to rehab homes. Any info or advice would be great. I have never done this before and I am a little leary. Thanks in advance.

[Veloise]

You could also get in for a reasonable price, and take some time to do upgrades. There are 'hoods with lots of FS signs out front of great bones.

(One caveat: get 'er done. Don't be like my "hot shot investor" landlord who rips a roof apart in August and gets it repaired, only with city prodding, in November.)

[tamias6]

I would wait until the housing market picks up again.

[GRDadof3]

Not a good time to flip. But like others said, it's a great time to "buy and hold". There are quite a few landlords with multiple properties having trouble finding renters, who are looking to unload. They don't have the emotional attachment to the home either, so they will probably give a better deal.

Also, I'm not sure if this thread violates the "buying real estate" rule of UrbanPlanet. I'll have to consult the big book of rules.

[ModSquad]

I do not think there would be a worse time for buying, renovating, and re-selling a home (I destest it being called "flipping a house"). Our research shows right now that there is a 48 month supply of homes on the market right now.

I also spoke with a banker friend that told me with the advent of all the "flipping home" shows on cable, combined with the massive increase of foreclosures in the greater GR area that there is a rush of folks getting home equity loans to use the cash to begin "flipping homes." I am very scared of this trend.

[Budgie Frisket]

O.K. planeteers, I have been approached about purchasing a house in GR and flipping it. I am trying to find the best area of GR to do that and was also wondering if there are any grants from the city to rehab homes. Any info or advice would be great. I have never done this before and I am a little leary. Thanks in advance.

[Kayak1]

You all basically confirmed what I was thinking. My business partner is an optimist but I am a realist. Thanks for the input. Dad, I hope we didn't violate any rules.

[AlexPKeaton]

If you could get an exceptional deal on the house it might be worth it. Houses in desirable neighborhoods will still sell in this market, but perhaps not for huge premiums. It makes sense to look at houses on a case-by-case basis. Nearly all investments involve some risk.

[jstalin]

If you have the cash and are willing to buy cheap now and hang on to the property for a couple of years, then I think you could make some money. Right now the market is in the toilet.

[michaelskis]

I know a few people who have been flipping condos.

[mpchicago]

I know a few people who have been flipping condos.

[suydam]

If you could get an exceptional deal on the house it might be worth it. Houses in desirable neighborhoods will still sell in this market, but perhaps not for huge premiums. It makes sense to look at houses on a case-by-case basis. Nearly all investments involve some risk.

[AlexPKeaton]

That's why I noted you wouldn't get a huge premium right now. If those houses were priced aggressively I'm sure they'd have no problem selling. So, if you get an opportunity that would still be profitable in this market, why not? Just because the market as a whole isn't doing well doesn't mean there is no money to be made, it's just harder to find the opportunities.

[michaelskis]

In Hillmount? I noticed a few on GRAR.