Flip and Grow Rich | Can It Really Happen?

I recently read an article from NPR that was written back in May. They discussed flipping and how it's back. I didn't actually know that it had gone away, but none the less, the article goes on to talk about a house in LA that was purchased for $390,000 and then sold for $720,000. The article didn't discuss any improvements that might have been made to the home, something that usually comes with the territory. I know that the easy flip is rare, usually you have to deal with all sorts of issues. Demo, remodel, nasty stuff left behind. Heck, some of the nasty stuff alone can cost a pretty penny when an outside firm is contracted to deal with the cleanup. I once met a flipper who had to deal with rotting food left behind by a family that wanted to make the house uninhabitable for the next tenant. Why do people do such things? Read the NPR Article. What are your flip horror stories?

Bank of America's Consumer Real Estate President Floyd Robinson joined federal officials today, to announce a plan which helps prevent foreclosures for distressed borrowers. Bank of America is one of the largest lenders to support Project Lifeline, which targets borrowers in trouble to help them get back onto solid ground. Expanding beyond Hope Now's original focus, to reach some of the more seriously delinquent mortgage and home equity borrowers. Bank of America Supports Project LifeLine Press Release

Where are the Best Places to Flip and Grow Rich in America? In part 1 of our new series, we'll look at this question a few different ways and research ideal locations in the U.S. for flipping real estate. We'll examine some basic assumptions, flip scenarios, actual sales in top U.S. cities and perform some paper analysis of the flip potential. In the end, we should have a good list of cities with high potential for the next great flip. A flip can vary by several factors including the person doing the flip, investment potential of the property, and the local market. So before we begin, we need to establish these basic assumptions and criteria. Applying this analysis to your own market or location simply means adjusting the assumptions to match your own. Personal Ability: How Many Houses Can We Flip? First things first, we need to assume some flipping ability. Not superhuman ability, just the average flipper. Let's assume this is a part time job, and we will be flipping a min...