“House Flipping not Always Successful”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“House Flipping not Always Successful”

 

 

Mr. Petrowsky

Barbara XXXXXX gave me your contact information, I met her at the closing, as she purchased and you handled the mortgage for her. This was a property that I flipped and had on the market for 9 months. The truth is I barely broke even so I’m not sure that flipping is for me, but real estate ownership will always be. I currently own a 3 family and want to purchase more investment properties.

In speaking to Barbara she told me that you have been her mortgage broker for many years and that you really know your stuff. Can we set up a time to get together, hopefully we can work together as well? Can you email some dates and times?

Bill

 

 

For years I have done mortgages for clients that purchase homes that were recently renovated by a house flipper, but the amount of properties being flipped is decreasing and often for good reason. Some transactions that a house flipper handles can end up not making them any money and sometimes they will even have to bring money to a closing.

 

This recent article demonstrates the message:

https://dsnews.com/daily-dose/02-28-2019/truth-behind-home-flipping

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

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Topic:
Mortgage / Finance
Location:
Connecticut
Groups:
Mortgage Solutions
Connecticut Professionals
Tags:
investment properties

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Rainmaker
4,870,348
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Joe Petrowsky what looks like a fix and flip, may not be one.... investors need to do their numbers carefully....

Jun 07, 2019 03:13 AM #1
Rainmaker
1,404,170
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Investors really need to do their research before buying a new project.

Jun 07, 2019 03:17 AM #2
Rainer
501,308
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Houseflipping is not always what its cracked up to be! Unless you know what you doing and have some mentoring and guidence!

Some transactions that a house flipper handles can end up not making them any money and sometimes they will even have to bring money to a closing.

Jun 07, 2019 04:17 AM #3
Rainmaker
3,168,586
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. The power of referrals never diminishes and only increases. Enjoy your day!

Jun 07, 2019 04:45 AM #4
Rainmaker
3,523,803
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Joe. I certainly agree. Sometimes investment properties are more trouble than they are worth even if you make money.

Jun 07, 2019 06:29 AM #5
Ambassador
1,612,049
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

There are too many amateurs out there that go to flipping seminars that promise welath beyond their wildest dreams. In those cases I know who is really getting rich.

Jun 09, 2019 08:40 AM #6
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Rainmaker
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