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Somebody’s been watching too much “Flip This House”…

By Luke Constantino

Managing Real Estate Broker with Brooklyn/Manhattan Real Estate

January 05, 2010 09:54 PM

Luke Constantino | Remax @ The Slope

Just recently I acquired a condo listing in a very nice area in Brooklyn. It's in excellent condition, has parking (which is a luxury in this area) and all the amenities. It also came with buyers who want to "Flip it". I have nothing against people making money, but in this economy? You gotta have a lot of gumption to try to flip a property today.

I've been in the business more than 12 years and know how this works, as a matter of fact, it's quite simple: Find a person in distress, offer them what the bank will accept and throw it back on the market for a quick profit (I know, but I'm going to leave the other factors out to shorten the story). The ultimate goal here is to buy the property, close, find a buyer and close again as soon as possible.

These "Flippers" aren't in any way like my friend Peter Pasternak, he's a seasoned pro and has many ways and resources to flip a property (Yes, Peter is a good friend of mine, he's on the show "Flip This House"), but they did come with a plan, a good one, and they are ready...

I'll keep you updated.

Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
Email: LukeConstantino@aol.com
http://LukeConstantino.com

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Dave Humphrey, Broker

RE/MAX Marketplace - Celebration, FL

Real Estate Advice You Can TRUST!

Flipping has been rampart here in central Florida with the very low priced bank reo houses that needed some TLC. I have seen a steady stream of $10,000 profits from one guy in the business who has turned a lot of houses in 2009. I had customers buy two of them.

Jan 05, 2010 10:04 PM

Chip Jefferson

Gibbs Realty and Auction Company - Columbia, SC

In my area flipping is still a very viable venture. The values remain strong so lets flip away. I have one now that will net me 67K.

Jan 05, 2010 10:07 PM

Jane Nicastro-Disch Warren NJ

Weichert Realtors - Watchung, NJ

NJ Estates Real Estate Group of Weichert Realtors

Hi Luke, I'm working with a client from the Bronx who has a Condo in North Bergen, NJ. Yes, Flip this House was his favorite TV show. Regards,

Jan 05, 2010 10:11 PM

Lisa Schlitz

Home Run Real Estate, Inc. - Wellington, FL

Realtor - Wellington, Florida Homes 561-214-3216

Luke-we have done quite a few flips in our day-the trick is not to get greedy. The problem I am seeing here is the property has to be aged in order to get financing on it-30 days for conventional, 90 for FHA. Some flippers can't wait that long!

Thanks for the post!

Jan 05, 2010 10:13 PM

Roy Kelley

Retired - Gaithersburg, MD

Thanks for sharing. Flippers are active in our Maryland market and many do quite well. It is a risky business.

Jan 05, 2010 10:16 PM

Luke Constantino

Brooklyn/Manhattan Real Estate - Brooklyn, NY

Residential/Commercial Real Estate Brooklyn NY

It's just such a rare thing here that I had to write about it. There are alot of people who talk about it, yes, but very few who do.

Jan 05, 2010 10:19 PM

Irene Tron

Valparaiso, IN

Flipping can be a dangerous thing for those who don't understand what they are getting into and little money to invest.

Jan 05, 2010 10:30 PM

Al Wright

Affordable Canadian Home Inspections - Hamilton, ON

Have your inspections performed the Wright Way

I bought a 10 rental properties over the last 4 years and reconditioned them all making them more desirable and then again able to ask for higher rents from new tennants. The problem is I'm too big of a softy when someone was late with the rent. I've just sold off my last property on Dec 30th and all houses made a decent profit. Flipping homes takes money to make money and it's not for everyone as some people get overwhelmed with the project and end up selling it at a loss

Jan 05, 2010 10:40 PM

Toula Rosebrock

Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ

Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Luke:

Definitely not the market for flipping!

Should be interesting to see what these buyer's plan is...

Jan 06, 2010 01:00 PM

Marilyn Harrell

Better Homes and Acres - Beaverton, MI

Wixom Lake - Beaverton MI

Funny how one can lose thousands while another can make thousands - that's life!

Jan 06, 2010 09:54 PM

Somebody’s been watching too much “Flip This House”…

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