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Is it now time to make money by fliping a house?

 
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Greater Bos
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PostPosted: Tue Sep 21, 2010 2:56 pm GMT    Post subject: Is it now time to make money by fliping a house? Reply with quote

Last w/e I attened a open house in lexington. The house was last sold for little less than 470k in last April 2010. The inner condition of house is not good need to make kitchen and heat and ac system. It is not ready to move in at all. The list price is 530k.
I am lil bit confused. Can some one make 60k in 4/5 months just by fliping a house in this current market?
Was the person who sold it for 470k in last April does not know the real value of the house?
The house does not have sink, range or any other basic thing in kitchen.
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Bubblegum
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PostPosted: Tue Sep 21, 2010 3:51 pm GMT    Post subject: Flipping houses Reply with quote

People have been making money flipping housing all throughout the downturn. I don't know much about Lexington, but properties were being bought, renovated and flipped in Hingham without a problem for the past few years.
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PostPosted: Tue Sep 21, 2010 4:05 pm GMT    Post subject: Re: Flipping houses Reply with quote

Bubblegum wrote:
People have been making money flipping housing all throughout the downturn. I don't know much about Lexington, but properties were being bought, renovated and flipped in Hingham without a problem for the past few years.


If it is renovated then its fine but no improvement rather things were taken out. I dont get it?
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Kaidran



Joined: 17 Mar 2010
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PostPosted: Tue Sep 21, 2010 5:08 pm GMT    Post subject: Reply with quote

I can actually remember this one form earlier in the year. We dont know the full story it may have been a divorcing couple being bought out by one side or an estate sale where one beneficieary buys out others for a low amount for a quick sale.

In terms of value when you can get for your money in Lexington has gone up in the last 6 months. ie houses are cheaper. If he thinks he can get 530k now when he could only get 470 in April (with tax credit and tax credit craziness) then he is delusional.
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