A lot of folks have gotten real excited about what is known as "flipping houses." primarily, based on a television show, called "Flip This House", there has come to be a widespread misconception regarding the ease of making a quick buck through real estate. Although I have often warned folks that this television show is created FOR ENTERTAINMENT PURPOSES, many seem to actually believe that the process is as easy as it appears on the show. I recently had a buyer from Arizona that called to state that she was seeking a "fixer upper" in the Austin area. She said her husband was a real handyman, and after they got a loan to buy the house, they planned to come down in a travel trailer, where they would stay parked in front of the house for six weeks to do the upgrades/repairs. Then they would sell the house, make approximately $50,000, and go back to Arizona. Sounds like a great plan, so I am considering shutting down my real estate team for six weeks to go do the same and make a quick $50K.
Of course I am just kidding. But I hope you can see how unrealistic this whole scenario sounds. We even hear other, obviously less knowledgeable, agents say "I have an investor client yhat is looking for house they can buy and do a quick flip to make some money on." My resonse to that is, so do I. And so does every realtor in the country.
Investing in real estate is a tricky business. Those that rely on television shows to derive their information from should best stay away. Those from California (no offense intended) that do not understand our market need to contact an HONEST, ETHICAL, and EXPERIENCED agent to assist them. Look for an agent that has some knowledge of finance, construction, appraisals, market conditions, etc. Any agent can help you buy something, but only a few can offer the type of advice you need to actually "flip" a house. That advice might actually not be what you want to hear, but do you really need someone to JUST tell you to buy, spend, buy...and leave you separated from your money?
Enjoy the show. But remember, IT'S ONLY ENTERTAINMENT!
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