Industry News

Flipping out

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I hang out on the Web a lot, in chat rooms and on social networking sites, telling people about who I am and what I do. Among other things, I answer questions. Sometimes, to establish real estate expertise, you have to give a little advice. And so the other day, two things happened: the first is that a potential client, someone I know in real life, said, "Can you find me some investment properties?" The second was that someone on one of my social sites said, "Hey, I want to get into flipping." My advice for the flipper wannabe was what I pretty much tell everyone who mentions the F-word: No-o-o-o! Don't do it! I have a decent eye, and always made money off homes I have lived in. But a year and a half ago, when I tried to jump into the flipping game full time, I found that all I did was waste time and therefore money. For one thing, when you see the happy people doing it on TV, they always rig the numbers a little. Just like Rachael Ray's 30-minute meals -- which assume that magical e...