That works too.I think he was talking about selling while using the herb...
I have thought about this a few times. I've done it a couple times. Here is the problem, for me.
People know what type of quality work we do. When flipping a house, you can't afford to do quality work. You have to cut corners.
It's just not in me. The houses I flipped had good quality construction. That's not the way to make money in flipping.
Here is the other problem. There are so many people that see those TV shows and decide to flip houses. This means you are competing against people that have day jobs, to support themselves, or they are retired and living off of their retirement. They don't have a clue what it takes to remodel a house. They overpay for the property to begin with. Thinking they can remodel the bathroom for $1,000. New kitchen for $4,000. Some paint, clean the carpets, and then they expect to see those $50,000 checks come rolling in.
Those shows just aren't reality.
Having said that, I will still buy some property, if I see the value in it. Currently we picked up a small shopping center. I'm already at the point of regretting it. It's not the big things that are a problem. It's all the small things that are adding up. The only advantage here is that I'm just whiteboxing. I'm confident I'll get it fixed up and rented, then if I sell it, ok. If I have to hang on to it for a while, ok.
The last 3 properties I tried to buy, sold for double what I was willing to spend.
I don't consider myself a house flipper. More like property development.
I don't think that you have to lose quality or cut corners on a flip. We were the contractor on a flip. The property was sold for $55k. They put in about $150K for renovations (not all mine, only about $50k). The property is worth around $350-360k. Not a bad flip and we did all quality work.
Now begs the question, what do you consider quality? Are you putting three piece crown in every room on the first floor? Or just 1 piece in a few rooms (dining and living)?