I'll admit it, I too get suckered into watching the cable flipping shows. Usually I just end up yelling at the TV though..."Are you Kidding me?"

They make it look so easy and have these wonderful numbers (which I think they pull out of their...uhhhh.....you get the picture) You know...where they spend $200 on paint and get a $2000 return on investment? Well, I've been successfully pricing, marketing and selling Residential properties in South King and North Pierce Counties for 18 years and I've never added any specific value for recent exterior paint. I don't know of a single Real Estate appraiser who will either.  The profits quoted are misleading as well...they never include closing costs. Even if an owner chooses to go unrepresented without paying Real Estate commissions, there are attorney or Escrow fees, title insurance and recording fees and usually Excise tax. All of these add up but are never reflected in the "TOTAL PROFIT" equation.

My husband and I flipped a property in 2006 and it wasn't fun. Would we do it again? Probably not. Although I love the idea of taking a property and restoring it to it's "glory",  in today's market, I'd likely buy do some fixes to rent and then hold.

Although the softening of the real estate market has made the "get-rich-quick" flippers go back into hiding, I know the concept is still very intriguing for many so I thought I'd share this funny video I came across the other day. You have to laugh....especially when they say they made $75 on their last flip. Enjoy!

 

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