I am always afraid that I will personally tank the market if I try to flip a house

No, I usually keep the property and rent them.

Yes. Many, many successful transactions. 

Purchasing at trustee sale auctions worked best for me.

I have bought many flips, some for a quick flip, some for a fix and hold with the plan to sell as the market improved.

We have bought from many sources, but the best deals have always been through our RE agent.

The first flip my family did was about 16 years ago. We worked together with our kids (3 of them and the soon to be son in law) for the sole purpose to dedicate all profits to our daughter and her fiance'. This was so they would have a downpayment to buy a house when they got married in a few months. We worked late into the nights, on weekends and had fun as a family. They ended up with enough for a dowpayment and their part of the closing costs. I got the commission on both the purchase and sale side and got to sell them a house too. The house turned out beautiful and sold in about 2 weeks.

I have sold many for this purpose but it is not my thing.

I've not bought a fix and flip....but I've had 23 properties....have fixed all of them...held them and rented them.... and did sell all except for the one I own for family members ONLY to live in.....

Just closed on Flip # 12 Wednesday... most of mine have been HUD Foreclosures...but all have been bought thru the FMLS and were foreclosures of some type

No, I always live in them for a least 2 years to beat capital gains tax.

I have done a handful and always with the owners/FSBOs, because once they hit the MLS there is a price increase and more competition. I had great experiences with them and found that many of the "fixes" were cosmetic and cost a lot less than anticipated, thus increasing the profit.

I haven't, but sure have helped many others do this.  All types of listings, just look for the opportunity.

S. Leanne Paynter ☼ Broward County, FL - I have helped my investor buyers do that - and it was an 'okay' experience.

Used to do a lot of them but Oklahoma City market turned awhile back so not enough volatility needed.

I have done that and it has worked out very well. 

Yes S. Leanne Paynter ☼ Broward County, FL I certainly have and each experience has been a profitable one!

Not in the short term. We bought a condo to fix, rent, and hold for the better market. We doubled our money in 4 years, and had it rented almost continually. Not sure I would do one short term, especially in our market

I have an I enjoy it. Always on the look out for the right purchase. A few were foreclosure but the major were purchase from private owners. 

N o, not yet, but we keep thinking about it.

No, but twenty years ago we bought older home and spent all these years upgrading.  New kitchen, two new baths, new roof, new siding and more.

No plans to sell for long time

Yes I have - but my husband is a general contractor and this makes it so much easier.

I haven't though, though I only recommend this to the brave or the professionals in my market. The regulations required to renovate are so difficult, time consuming and expensive- that it should be left to someone with a developer background.  Many marriages have ended in divorce due to renovation projects.

This is like 2002 all over again from what I'm seeing all over the state of FL doing morgages.  Prices have been going up and I believe will continue over the next 5 to 7yrs.

Thing is this time, when I can get borrowers approved on 100% loans  1 day out of Bankrupcy,.....it's Time to Bail!  Sell all your Properties and Mutual Funds and get liquid like my CPA advided me to do in 2006!

But we've all been thru the storm and unlike last time, this time we'll see the cliff coming miles ahead and we'll know when step off the train before it goes over the edge!   

But I don't know any millionaire employees, so right now, unless you're making a heck of a lot of money and packing it away for retirement, what other investments do you know of that you can make so much money from other than real esate?

There is a reason why some of the wealthiest people on the planet are real estate investors! 

Yes, It is what I do for a living. I have two properties that I am closing on next week that came from the MLS although getting good properties off the MLS is a challenge. One source that you did not mention that I sometimes use is the We buy ugly house for cash bandit signs. If I see a bandit sign I always call and ask what contracts do you have to assign? Will you add me to your buyers list? 

I have not but one of my agents does 5 a year.

It's easier to be the listing agent for the "before" owners.  

In Oregon, a licensee who does that needs to also have a contractor's license.  I buy and hold.

Yes.  All the time.  The experience ranges from "Yay - Unicorns and Rainbows" to "Satan Himself must live here with Hitler and Charles Manson" and everything in between.

We used to flip houses back in the day.  We bought most of them through the MLS.  

Yes, this is what I do for investors and also myself. Very rewarding

no

No I have not, but I sold a lot of property for that purpose and the early ones made a lot of money..

I've done it once with a partner.  We dealt directly with the owner, whom had some financial issues.  I learned that dealing with contractors, inspectors, etc... it will cost more and take longer to get ready for market than what I initially thought; so, I'd recommend putting in a padding to protect oneself, if they decide to venture.  Also, know your market.  The market was beginning to change, so I was a little nervous during the process.  Luckily, we did make a nice profit.  Also, we used an agent to sell the property for us.

My brother is a building contractor; together we have done about 30 of them.   Low end houses, we flip some, we keep many of them for rentals.

Mostly we buy FSBOs, with an occasional MLS.  

We offer low, we offer cash, we pay all closing costs.  The only contingency is clear title.

I have not but, have had clients who do. I've found buyers expect a little discount so keep that in mind when you purchase the property. 

All of my purchases are investments whether I live there or not. It's how I began my business and it will be true until I'm finished. Experience taught me not to partner anymore although all have been profitable except one. Plus I am always on the lookout for bigger and better subject to MY criteria.

Not  yet personally.

Most of our deals are off market.  Our niche is the investor market.

Yeppers, flipped quite a few over the years - not since the crash however

Yes, dealt with the owner directly, sold them a home and they just wanted to walk away from their current home without spending any money for repairs and deal with traditional marketing, and it worked out fine.

No

No, I've never been interested in doing that.

This is on my to do list. Ideally, this is the only thing I'd like to do. 

No, I've wanted to but I don't have a contractor that would move fast enough and in this area the permitting takes forever!

I haven't bought and flipped...yet...but I may in the next year or two.  I appreciate your question, because some comments have helped me think about the issues better.

Was involved in several fix and flips, did well for the most part. With the knowledge of better options, fix & flip is not my thing today.