Flip for Proft - Not Happening in Denver

Know More: Current News 2.0, Current News

There has always been talk about buying and flipping properties. I remember we recently even had this discussion with my in-laws about some people they knew that were buying and flipping properties in another state. My personal opinion is that this was not the way to start out for newlyweds especially if you do not know what you are doing. Today I was reading the local news and lo and behold, there is a story in there titled Flip this house? Not so fast. From what I read in the article, one of the ladies who started out doing this because she was losing her job, states many of the properties she bought required major remodeling. Even though the idea is to sell the property quickly, but you cannot if no one is buying. You have to be prepared to pay the monthly mortgage if you are not selling or you can rent it out. Another realtor stated that he only buys properties that are listed at 70 percent or less of their retail market value. He has taken a few losses. He recommends that you buy where the properties in the neighborhood are still selling well. This still tells me that you are taking a risk and must be prepared.

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