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Flipping Houses - It's Not For The Faint Of Heart

I read a great post today from fellow blogger Karen Fiddler from Viejo, California on the topic of flipping houses and whether house flippers deserve a profit.  Karen works in a marketplace in the United States that is quite different from here in Ontario.  Short sales is not a term used here and we rarely see foreclosures.  Properties here that end up back in the hands of a lending institution due to mortgage default are deemed to be Power of Sales.
I wrote the following post on Power of Sales to explain how they work and to let people know that if you think you are going to get a "steal of a deal" purchasing a Power of Sale property you are misinformed.
Karen's post deals with the question of whether people should profit by flipping homes. 
Here are my thoughts on the subject.
Flipping homes is not for the faint of heart. 
You have to know your marketplace intimately. 
1.  Is it a buyers market?  Sellers market?  Balanced market?
2. Is listing inventory high or low?  What is your competition?  What is the average number of days on market to sell?
3. What are buyers looking for?  Three or four bedrooms?  Garages?  ... more

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