Repossessions in Today’s Market
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I get a lot of phone calls from people looking at getting into flipping houses. I know I get these phone calls because of the mindset that we are in a recession. I’m not sure what clearly defines recession, however I don’t think this is it:
The Greater Montreal Real Estate Board sent out their monthly report and the headlines read: “Sales in Montréal Area Surpass Record-Breaking 2007 Levels. It read on saying that Sales in the Montréal Metropolitan Area increased by 51 per cent in November 2009 compared to November 2008. The 3,411 transactions were enough to surpass, by 4 per cent, the record-breaking sales levels of November 2007.” One of my clients/friends is a professional house flipper. He’s been working at this for over a year now. He’s flipped one house; not because he doesn’t work hard, but because that’s all he’s found. He works at it everyday which includes many phone calls, analyzing, charts, research, meetings, did I mention analyzing? After one year doing it full time, he’s starting to shy away from full time flipping and is getting into part time flipping and full time buy & hold. |
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My point of writing this is not to discourage buyers who want to “get in the real estate” business, but to let you know that IF flipping is the journey you would like to take, I would suggest to first find that person who has been flipping and start interviewing them to see if this is for you.
Real estate is a business and there are many ways to approach it. You may think because you have limited funds that short term is a great way to build equity. From all the books, mentors, investors I’ve consulted most all of them would suggest buy and hold just for the tax breaks alone. In fact some investors think that positive cashflow is a bad thing. However that’s another article to write.
Happy Buying!
I added this article because I love real estate and educating people on the matter. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!
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Posted on December 31, 2009 at 1:59 am