Armando Montelongo

 
If you are interested in flipping a house you need to have two things – money and skill. My experience is that the estimates the TV shows give are totally unrealistic. They show entire homes being gutted and redone for $60K. Unless you are already skilled at plumbing, carpentry and an electrician, lets just say not in your wildest dreams. They also show people with time lines of 12 weeks…Sorry, but that is not realistic either. Permits require time (weeks) then there is the time it takes to get the professionals you need to your house. Believe me when I say they are not just sitting around waiting for your call. You have to get on the “list”. Next we have the market issues. Houses are expected to drop again and the market will be in a slump for perhaps 4-5 years. Are you able to make a purchase and turn it around, and still make it a good buy for The poor market? If not, be prepared to keep th house, rent it, and wait.