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best cities to flip houses ? - 7/28/2006 6:59:56 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		talk to me. anyone have opinions on Clark county NV. seems 300k is alot for a place in the desert.
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RE: best cities to flip houses ? - 7/28/2006 9:18:43 PM   
sub4hire


Posts: 6775
Joined: 1/1/2004
Status: offline 		Housing is up most anywhere, isn't it?  Though I've been contemplating purchasing some to flip as well.  I know the west and the east are dropping.  The mid?

I don't think it matters if something is 300,000 as long as you have someone willing to pay it.

I'm doing the same research though....keep us updated if you find an area that look's good.

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RE: best cities to flip houses ? - 7/28/2006 9:22:08 PM   
smilezz


Posts: 2156
Joined: 6/18/2004
Status: offline 		I'm doing research also.  If someone knows anything about Pennsylvania......specifically Lebanon county and Dauphin county areas.  High crime rate?  housing?  work?   i have a bit of information, but more is always better!
Thanks...

~smilezz~

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RE: best cities to flip houses ? - 7/28/2006 9:38:20 PM   
MrDiscipline44


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Status: offline 		Denver is a good place to do fix & flips. It's the area I'm looking at going into.

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RE: best cities to flip houses ? - 7/28/2006 9:41:04 PM   
TheShadows


Posts: 403
Joined: 9/16/2004
From: Southern Illinois
Status: offline 		From personal experience, the Midwest is full of repo houses that can be purchased for a fair amount below appraised value.  Especially if the banks that own them are governmental like Fannie Mae and Freddie Mac.  They want to get these houses off their books as soon as possible.  (AKA...They want the money, not the house.) 

The problem with some of these properties is that they can sometimes be difficult to flip in as timely of a manner as some would like to speculate, due to location issues.  A house in the Midwest can be big, in decent shape, and not overpriced, but if the location sucks (very rural, for example), it could take much longer than you anticipate to get it off your hands. 

One other thing to consider is that the housing market is slowing down, as I saw on some newscast in the last couple of weeks.  There's a surplus of houses out there for sale, making it a buyers market.  The continual hiking of interest rates isn't helping matters, either.  Flipping houses isn't as smart of a prospect as it was a year or so ago, in my opinion.  But if you're looking for fertile flipping grounds, the Midwest might be a good bet.

Best of luck,
MrsShadows

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RE: best cities to flip houses ? - 7/28/2006 9:49:12 PM   
popeye1250


Posts: 18104
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From: New Hampshire
Status: offline 		Flipping ended about 10 months ago.

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RE: best cities to flip houses ? - 7/29/2006 2:36:20 AM   
UtopianRanger


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quote:

ORIGINAL: pahunkboy

talk to me. anyone have opinions on Clark county NV. seems 300k is alot for a place in the desert.


My advice to you is to keep yourself very liquid; the biggest real estate bubble in our history is on the verge of bursting. And there's always opportunity after tragedy in the market place. Wait for a while before you purchase on the west coast. My bet is that big things are coming within the next 18 months. I hope they keep this thread archived so I can come back to it 




 - R



 


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RE: best cities to flip houses ? - 7/29/2006 6:44:49 AM   
pahunkboy


Posts: 33061
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From: Central Pennsylvania
Status: offline 		http://www.nytimes.com/2006/07/29/business/29housing.html?_r=1&pagewanted=2&th&emc=th&oref=slogin

utopian, if it drops too far just start the flip subject back up. i HAVE to stay tuned on this topic.  whcih with what you say, poppeye, and subforhire, that the fip has passed.

as far as Harrisburg metro- you get decent house for the cash. i dont know about lebenon county etc. but as a metro there is a fair amount going on. as with anyplace i wouldnt buy anything i could not sit on a few years....or personally live there in it myself. what they call teh west shore is your better area in harrisburg.  [west of the river]

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RE: best cities to flip houses ? - 7/29/2006 6:46:33 AM   
pahunkboy


Posts: 33061
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From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: UtopianRanger


quote:

ORIGINAL: pahunkboy

talk to me. anyone have opinions on Clark county NV. seems 300k is alot for a place in the desert.


My advice to you is to keep yourself very liquid; the biggest real estate bubble in our history is on the verge of bursting. And there's always opportunity after tragedy in the market place. Wait for a while before you purchase on the west coast. My bet is that big things are coming within the next 18 months. I hope they keep this thread archived so I can come back to it 


rents seemed a bargain. on the flip side i dont want to rent out property---------

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RE: best cities to flip houses ? - 7/29/2006 6:53:36 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: smilezz

I'm doing research also.  If someone knows anything about Pennsylvania......specifically Lebanon county and Dauphin county areas.  High crime rate?  housing?  work?   i have a bit of information, but more is always better!
Thanks...

~smilezz~


IMO hb is an undiscoverred area. BUT- unless you buy on front street of out toward lingelstown road- stay on the west side of the river.   even so- i think i would avoid daulphin county.  you want the "west shore".

york was good at one time but i tthink is sliding. stay OUT of Reading.  in general hb metro is merging with balitmore metro. one big subsurb. oh- if someone says the town steelton, RUN!!!!!!!!!!!!!!!!!

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RE: best cities to flip houses ? - 7/29/2006 6:57:09 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: TheShadows

From personal experience, the Midwest is full of repo houses that can be purchased for a fair amount below appraised value.  Especially if the banks that own them are governmental like Fannie Mae and Freddie Mac.  They want to get these houses off their books as soon as possible.  (AKA...They want the money, not the house.) 

The problem with some of these properties is that they can sometimes be difficult to flip in as timely of a manner as some would like to speculate, due to location issues.  A house in the Midwest can be big, in decent shape, and not overpriced, but if the location sucks (very rural, for example), it could take much longer than you anticipate to get it off your hands. 

One other thing to consider is that the housing market is slowing down, as I saw on some newscast in the last couple of weeks.  There's a surplus of houses out there for sale, making it a buyers market.  The continual hiking of interest rates isn't helping matters, either.  Flipping houses isn't as smart of a prospect as it was a year or so ago, in my opinion.  But if you're looking for fertile flipping grounds, the Midwest might be a good bet.
MrsShadows


here in rural pa- they actually sell places winterized. it is like buying a pig in a poke. anything forclosed needs work...and lots of it. sometimes the owner did damage as they knew their home was going ---------so plumbing heating ect- could have surprises that are not wear and tear- but outright vandalizism.

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RE: best cities to flip houses ? - 7/29/2006 10:41:34 AM   
GoddessDustyGold


Posts: 2822
Joined: 4/11/2004
From: Arizona
Status: offline 		Flipping will never be over, per se.  You just need to be careful and selective about the properties.  I always work for a win-win, buying under market (pre-foreclosures or just filed for foreclosures are grand!), keeping the fix up to the minimum and then reoffering under market.  Still leaves room for a profit.  Just don't need to be greedy. I am also flexible and always willing to create paper.  I love paper!  *Smile*
For smilezz (and anyone else possibly interested):  I am hearing Kingman (Az) is a coming area.  Within commuting distance of Vegas, and the housing market is still reasonable there.  Lots of employees in Vegas are willing to make the trip over the dam, rather than pay the premium to be in Las Vegas or a nearby suburb.  The savings on good housing more than makes up for the state tax.

< Message edited by GoddessDustyGold -- 7/29/2006 10:42:13 AM >

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RE: best cities to flip houses ? - 7/29/2006 10:47:22 AM   
WayWardSoul


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Joined: 6/13/2006
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quote:

rather than pay the premium to be in Las Vegas or a nearby suburb.  The savings on good housing more than makes up for the state tax.


With gas prices going no where but up. I wouldn't make that bet. The savings will be gone in the first year and after that it will be costing you more.

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RE: best cities to flip houses ? - 7/29/2006 3:48:33 PM   
kisshou


Posts: 2425
Joined: 2/11/2005
Status: offline 		The reason people say flipping is over is because just like the technology boom many people were drawn to it  looking to make big bucks quickly. The tech sector leveled off and you had thousands out of work this parallels what is going on with the flipping. The real estate bubble that was going on with low interest rates drew so many people that even the price of foreclosed houses has risen too high to make enough of a profit. There were always be some opportunity to make money but the more important skills of having qualified contracting teams who can get you in on time and on budget is much more important. You will be competing with people who have been doing this for decades and also up against the huge (webuy ugly hosues ) etc people.

I think there are other areas to make money but you would definately not catch me investing in real estate for the short term right now.

< Message edited by kisshou -- 7/29/2006 3:49:00 PM >

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RE: best cities to flip houses ? - 7/30/2006 12:28:57 AM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline 		Ranger, it won't be a bubble bursting all over the country.
From everything I've read price declines will happen in the North East, Calif & Arizona, "some" parts of Florida and some high priced areas in overpriced cities.
But, you have to consider that all of those areas had huge price run-ups resulting in highly *overpriced* properties currently.
Boston and Calif. in particular are the most vulnerable to price decreases and we're already seeing that in Calif and a much slower market in Boston resulting in price decreases there as well.
I watch the business channel (MSNBC) a lot and I also know a lot of people all around the U.S. that I talk to and they give me the low down on local circumstances.
Can you imagine paying $900,000 for a 3 b/r 2 bath house in Calif that you can get in a lot of other areas of the country for $200k?
Not many people with "good jobs" can afford $900k can they?
And also Calif is on the downslope now. No more "Golden State".
Overcrowded, high crime rates, high taxes, crowded highways, high gas prices, state govt becomming ineffective, bankruptcy for the state is just a matter of time.
Glad I don't own property in Calif!
I think Calif is going to take it on the chin.

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RE: best cities to flip houses ? - 7/30/2006 2:41:34 AM   
KenDckey


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quote:

ORIGINAL: pahunkboy

talk to me. anyone have opinions on Clark county NV. seems 300k is alot for a place in the desert.


I am 99 miles from Vegas.   About half way in between is a little town called Dolan Springs (Population like 800).  When I was down there a few months ago there were lots of places for $65K with a home and out buildings.  Dolan Springs is also on the m ain highway to the West Rim of the Grand Canyon and Lake Meade Recreation Area (both more or less 50 miles).  Also, there is a developer that wants to put in 50k housing units about 10 miles from there.   Has lots of growth potential for a capital investment.  If I had the money I would buy there.

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RE: best cities to flip houses ? - 7/30/2006 2:44:34 AM   
DiurnalVampire


Posts: 8125
Joined: 1/19/2006
From: Nashville, TN
Status: offline 		Living here in Vegas, the new houses are way overpriced.  The older homes arent near as bad, but no one seems to want them. I guess its not high class enough for them to own used houses.  everything is prebuilt and new new new.

DV

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RE: best cities to flip houses ? - 7/30/2006 2:58:04 AM   
openmindedslave


Posts: 470
Joined: 2/27/2005
Status: offline 		I was having aconversation with an exectutive  with a housing company... He reminded me of the recent history of chasing the money trail.

Remmember pennny stock rush
Remember the tech stock rush
Remember the profits of buying a house that you couldn't afford just to seel it 6 months latter for $100.000 profit.

The fact is there will alwasy be people who get into the market to late and hurt themselves. I know one woman who bought a town ho,es just to discover the miltary base in town, the only real employer, was being closed down. She can't move  unless she can find $20,000 to pay the differnence in what she can get and what she owes,, The people who are really going to be hurt are those who got in for no money down and everything financed. Adjustable interest rates, unless managed properly, will kill those people and give you the chance to buy their propertys at auction

In Baltimore we have thousands of rowe homes that are in terriable areas and owned by the hundreds by people who just kept buyinh them through the years with hope in the longterm that the areas will change.  The question is , "how long can you wait?"

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RE: best cities to flip houses ? - 7/30/2006 3:17:15 AM   
Lordandmaster


Posts: 10943
Joined: 6/22/2004
Status: offline 		I've always been of the view that the safest way to invest in real estate (short of investing in a real-estate fund, which is not very sexy) is to buy in a nicely propped suburban rental area and make your money by leasing instead of trying to fix up or flip.  I was about to buy a unit or two in an area around Mt. Laurel and Medford, NJ, where the buy/rent ratio was eye-poppingly low (at least at that time).  But then better things came along.

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RE: best cities to flip houses ? - 7/30/2006 5:28:20 AM   
irishbynature


Posts: 551
Joined: 5/11/2006
Status: offline 		The flipping, selling, building of houses is a thing of the past (for a while at least). Market outlook is not good.

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