For years, the word flipping was construed as an act of evil. The press took the word, ran it into the ground, and gave flipping a horrendous burial. The mere mention of the word to some folks meant that you were a bad person taking advantage of innocent peoples. It is sad, how a few dishonest snake oil salesmen and misguided press can take something that for years was a fine and decent way to make a living into something foul.
Well those days are over, we as investors and real estate agents can rejoice. With the help of shows like Flip This House and numerous other real estate reality real estate shows and book, the general-public has a better understanding of Flipping. Now I do admit, the general-public may not know all the detail and true profits of the TV flips. The shows are very vague when it comes to details and true profits (supplies, labor, commissions,overhead, soft-cost etc...) but they do not see Flipping as evil.
More often than not, the sellers of these homes are very happy and relieved to get rid of these properties. The investors who buy and fix these homes are hard workers. These rehabbed homes almost always improve the property values of there neighborhoods.
So lets say it all together, flipping is great, flipping helps others and flipping is an honorable job.
Hooray for Flipping! Flip On
Frank... I echo you..."flipping is great, flipping helps others and flipping is an honorable job"!!
William you are correct. The flipping scams that went on in the Maryland area was horrible, but only a few groups of investors were doing the majority of the damage, some of these guys were finally caught and sentenced to jail time.
There are scams in every state with flipping of houses. We had many exposed here in Atlanta, GA. The TV shows do not show everything, just , most of the good stuff. With the buyers market, now is a good time to flip!
Frank,
The majority of people I talk to who have seen the TV shows have little clue about the hard work, financial acumen, project management, and risk involved in fix-and-slip.
I see no dishonor in flipping, but I think honor is in the individual, not the job.