Not all flips flop; some flops can be flipped

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

I've been involved in real estate investing for fun and profit over the past few years.

One thing I've learned to be very true is that you make your profit when you buy a piece of property; you collect when you sell it.

I think, like real estate sales, a lot of people, Realtors included, watch too many late night TV shows and believe too much of what they read and see about buying homes with nothing down, no credit, no cash, and making a fortune literally overnight.

Might work but kind of like the Easter Bunny, I've never seen it happen in person.

On the other hand if you do your homework, have some time and patience to search for and negotiate the right buy you can make some pretty good money buying and selling houses.

Here's real world example of a deal I was involved in last year with an investor. We bought this home in a pretty good neighborhood in the northwest part of Knoxville, Tennessee for $71,000

palmwood knoxville tn

And here's the same house after my investor worked his magic.

knoxville tn palmwood drive

We sold this one in about 3 months from start to finish for $130,900

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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Rainer
42,594
Melissa Kruse
Gryphon - Lewis Center, OH
Jim, I agree with you. It is about knowing the market, having patience and getting the right deal. Unfortunatly the guru's and tv shows make it look easy to go to an unfamilar area and buy anything and flip for thousands.
Feb 14, 2007 05:28 AM #1
Rainmaker
513,582
Leigh Brown
Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC
CEO, Dream Maker - Charlotte, NC
it's refreshing to read about a reasonable profit-i think part of the problem with the tv shows is the sheer amount of money those folks 'make'.
Feb 14, 2007 06:44 AM #2
Rainmaker
508,718
Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor
good job, what did the renovations cost ? Pretty good for a few months work..!
Feb 14, 2007 09:31 AM #3
Rainmaker
600,292
Jim Lee
RE/MAX Shoreline - Portsmouth, NH
Portsmouth NH Realtor, Portsmouth, NH
We had just under $20,000 in materials so my guy made out pretty good. He did all the labor himself; he's a very talented young man.
Feb 14, 2007 09:40 AM #4
Rainmaker
508,718
Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor
That is great- should do a newspaper article or a ahhumm...blog- describing  from start to finish the ppreparation  and budgeting that goes into  a flip- including the good bad and ugly that can arise. Would be a good post for consumerrs and hopeful business!
Feb 14, 2007 09:46 AM #5
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Rainmaker
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Jim Lee

Portsmouth NH Realtor, Portsmouth, NH
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