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How to make money flipping houses
RaceBannon
Member, Swaye's Wigwam Posts: 101,687
https://foxnews.com/real-estate/ftc-temporarily-halts-misleading-real-estate-seminar-endorsed-hgtv-personalities
The complaint, which was filed by the FTC and the Utah Division of Consumer Protection, says Zurixx would hold free events that were endorsed by the “Flip or Flop” stars, as well as Hilary Farr from HGTV’s “Love It or List It” and Peter Souhleris and Dave Seymour from A&E’s “Flipping Boston.” Once at the event, the presenters would then pitch the group’s three-day workshop that cost $1,997 and promised to teach customers how to “make substantial income from real estate.” At the pricey workshops, presenters encouraged attendees to open new credit cards and increase card limits, and also peddled products and services that could cost up to $41,297, according to the FTC.
Spoiler - buy the worst house in the best neighborhood with a large spread between the cost and the after rehab value. Free advice
When I was broke and unemployed and had some free time I did a "deep dive" into Flip Houses with no money scams. The main thrust was to get you to loot your parents 401K. My parents were dead so psych! You needed money but you needed other people's money. Then you bring your deal to the "expert" and put up the cash and do the work and they skim half off the top.
Almost every TV house flipper does this seminar scam and they make a lot more guaranteed money ripping people off than they do flipping houses
The complaint, which was filed by the FTC and the Utah Division of Consumer Protection, says Zurixx would hold free events that were endorsed by the “Flip or Flop” stars, as well as Hilary Farr from HGTV’s “Love It or List It” and Peter Souhleris and Dave Seymour from A&E’s “Flipping Boston.” Once at the event, the presenters would then pitch the group’s three-day workshop that cost $1,997 and promised to teach customers how to “make substantial income from real estate.” At the pricey workshops, presenters encouraged attendees to open new credit cards and increase card limits, and also peddled products and services that could cost up to $41,297, according to the FTC.
Spoiler - buy the worst house in the best neighborhood with a large spread between the cost and the after rehab value. Free advice
When I was broke and unemployed and had some free time I did a "deep dive" into Flip Houses with no money scams. The main thrust was to get you to loot your parents 401K. My parents were dead so psych! You needed money but you needed other people's money. Then you bring your deal to the "expert" and put up the cash and do the work and they skim half off the top.
Almost every TV house flipper does this seminar scam and they make a lot more guaranteed money ripping people off than they do flipping houses
Comments
Makes enough to afford a trip to Mexico and have enough left over for his next flip. Rinse, repeat. Couple Mexico trips per year IF he buys right
I’m like, “dude, just get another job where you can make some $$$ instead of your shitty product sales job.”
“Too much risk, not enough reward”
Fuck. He’s still my fren. Just a really dumb fren.
If its a sideline you should buy a house to live in and rehab then keep trading up until you have a really nice house to live in paid off or almost paid off
They make money but if you calculate the hassle factor and the risk of getting caught between markets with a lot of capital tied up and on the table it's probably not the best financial play by way of return on risk.
Works for gambling tipsters and stock pickers with a guaranteed system too