Flip and Grow Rich | Can It Really Happen?

Recently, I've been wondering what's going on with house flipping as it seems many in California are having mixed results. In my research, I've come across people flipping things other than the typical real estate. In a 2008 article from the Wall Street Journal, flipping Yachts is discussed. Now this is not necessarily what you should run out and do right now, but stop and think about what there might be a market for. What has lost a lot of value, and is still something people are looking for. For more, read Yacht Prices Sinking Fast at the Wall Street Journal.

Some may be asking themselves, can I really flip and grow rich in this economy? Well it's not an easy question to answer. While there is lots of money to be made in this current climate. There is certainly lots of money to be lost as well. In a recent Wall Street Journal article, mortgage rates are reportedly declining, a prime time to buy property. Money is cheap! However, it would also seem than banks are being more difficult to get money out of, so what's a flipper to do? Even Donald Trump is having difficulty in this market, with his Chicago condos, buyers are not following through on contracts. Remember to do your homework, look at every deal carefully, and ensure contracts are in order. Look for the best deal, for example RealtyTrac offers a nice forclosure search on their website.

Flip burgers? Flip Houses? Could flipping be one of the oldest and most lucrative business models ever devised?