House flipping can make lots of money, but you have to start BEFORE the trend is evident.
The house across the street from me was sold for $80K. A woman bought it sight unseen for $115K, then a second flipper bought it for $135, then sold it to a final flipper for $180K.
The first flipper made $25K and did nothing to the house.
The second flipper made $20K and also did nothing.
The third flipper figured that she could build another house on the lot (it was a double lot), but failed to ask what was involved in removing a giant 50 year old eggfruit tree, which was a special permit and $5K for removel. She spend a good $20K fixing the place up and rented it out to some people who paid for the first month only, and stuck around for five months. They didn't tell her about a leak in the roof, so then she had to spend at least $5K replacing drywall and flooring and roofing.
The third flipper has rented it out again. The trick is to (a) find an idiot who won;lt bother to get the place appraised), to have cash in hand so as to not worry about loans and inspections, and to get out in a hurry.
I think flippers suck, personally, as they make taxes and houses more expensive for everyone. But being a stupid third flipper sucks doubly.
