HGTV tells you to buy a house for cheap, fix it up and sell it for BIG BUCKS.
Real Estate expert Mike Weaster says, “ Houston is a great place for flipping houses – especially with so many that were damaged by Hurricane Harvey and their owners want to walk away from the mess.”
Weaster says there’s one big problem with some flippers: “Their emotions get involved. It’s a business like any other. You have to think, ‘If I want to make $X, and I buy the house for $Y, I have to add my expenses and $X and $Y to come up with a sale price!”
Matt Callahan of Door has this insight, “Flippers who come into town to grab the Harvey houses often only deal with the cosmetics of the home when doing their refurbish. They must drill down to catch and fix every bit of structural damage done. If not – the house won’t pass inspection and they may wind up losing money.” He says about 15% of his real estate sales come from flipped houses.