Have you watched "Flip This House" and think you'll get into the flipping business? Buy a distressed house, fix it up in a few weeks and sell it for a quick profit? Sounds easy, right? If you are, just remember that flipping is two transactions - the purchase and the sale. And someone's paying for all of the those fees. Also remember that we have a over a 14 month supply of inventory in Orange County.  In other words, if NO ONE else placed their home on the market, it would take over 14 months to deplete our current inventory based on current demand.

Also remember that unless you are a real estate expert and contractor, you'll have to hire those people. And you'll have to trust them and pay them enough to get the job done quickly and within budget. Then, you'll have to market the home to sell it quickly, because vacant homes bleed cash (interest payments).

Again, flipping is a great business for certain people. Maybe even the ones on TV. Just remember that it's their full time business and they know what they are doing. Interested - great. Get educated. Become an expert. Interested in dabbling - run!